Lattelecom books 7% growth in annual net profit

30 Jan 2015

Latvia’s Lattelecom has booked a 7% year-on-year increase in net profit for 2014 despite reporting flat annual turnover. The group claimed total revenues of EUR191 million (USD215.8 million) for the twelve month period, with EBITDA of EUR72 million, up 4% compared to 2013, whilst net profits grew to EUR30.1 million. Commenting on the group’s annual result, company chairman Juris Gulbis is quoted as saying: ‘2014 has been a successful year for Lattelecom, proving the effectiveness of the strategy pursued by the company. Lattelecom’s enterprise value has grown, and we have continued investing in the development and availability of our services – investing in the optical network infrastructure, as well as in the building of free Wi-Fi hotspots. At present, there are more than 4,300 Wi-Fi hotspots across Latvia, and Riga has become the European ‘Capital of Wi-Fi’. Owing to the wide availability of the optical network, in percentage terms, the number of users of internet connections with a speed above 100Mbps in Latvia is higher than elsewhere in the European Union (EU).’