Sweden’s Tele2 has reported revenues of SEK6.69 billion (USD668 million) for the first three months of 2020, down 1% year-on-year on an organic basis. The firm said cost savings were offset by investments into strategic initiatives in Sweden and negative effects related to the COVID-19 pandemic. Underlying EBITDA was also down 1% at SEK2.24 billion, while net profit for the first quarter rose from SEK1.02 billion in 2019 to SEK1.18 billion this year. Tele2’s Board of Directors has decided to postpone the extraordinary dividend of SEK3.50 per share until there is more clarity on the duration and impact of the pandemic.
Tele2 claimed 7.27 million mobile subscribers in Sweden, Lithuania, Latvia, Estonia and Germany at the end of March 2020, up from 7.18 million twelve months before. The group completed the sale of its operation in Croatia earlier this year.