PODGORICA (Montenegro), February 16 (SeeNews) – Montenegrin mobile operator M:tel tripled its operating profit to 3.5 million euro ($3.7 million) last year, local media reported on Thursday.
The revenues of the company rose by 30% in 2016, reaching 56 million euro, Montenegrin daily Pobjeda quoted M:tel CEO Vladimir Lucic as saying.
M:tel invested 44 million euro in 2016, the highest yearly sum since 2007, when the company was established. It focused 80% of its investments into expansion of its optical network, which now covers 80% of Montenegrin households, and intends to keep expanding it in the northern part of the country in 2017, Lucic said.
The mobile market share of M:tel at the end of 2016 stood at 30% and the number of customers of the company's fixed telephony, Internet and TV services totalled 40,000, he added.
Serbian state-controlled telecommunications operator Telekom Srbija owns 51% of the capital of M:tel, while Telekom Srpske, the second-largest operator in Bosnia, controls the remainder.
($ = 0.940853 euro)
Telekom Srbije is the majority owner of Telekom Srpske.