You have 3 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Montenegro's Crnogorski Telekom net profit declines in H1

Author Radomir Ralev
Montenegro's Crnogorski Telekom net profit declines in H1 Crnogorski Telekom shareholders' meeting; Source: Crnogorski Telekom

PODGORICA (Montenegro), August 9 (SeeNews) - Montenegro's Crnogorski Telekom [MNG:TECG] recorded a net profit of 299,063 euro ($304,164) in the first half of 2022, down from 1.4 million euro in the like period of last year, the company said.

Revenue increased by 3.6% on the year to 37.7 million euro, while operating costs went up 2.1% to 29.1 million euro, the telecommunications company said in a bourse filing.

The number of postpaid customers increased by 7% to 273,000, while mobile Internet users rose by 10% to 239,000, Crnogorski Telekom added.

"On the one hand, we completed the modernisation of the network at 80 locations in Montenegro, thanks to which we increased the average speed in the network twice compared to January this year, which users recognised judging by the growth of the user base, but also by the results of measuring the user satisfaction related to satisfaction with the mobile network," CEO Stjepan Udovicic said.

Croatia's biggest telecoms operator, Hrvatski Telekom [ZSE:HT-R-A] controls 76.53% of Crnogorski Telekom.

($ = 0.980472 euro)