Sweden-based Tele2 group has reported a 3% annual drop in revenue on an organic basis for the third quarter of 2020 to SEK6.64 billion (USD752 million). Service revenues were down 2% at SEK4.89 billion, with the declines attributed to the COVID-19 pandemic. Underlying EBITDA rose by 2% to SEK2.51 billion, driven by a strong performance in the Baltic region as well as cost savings. Net profit from continuing operations climbed from SEK1.04 billion in Q3 2019 to SEK1.22 billion in the most recent period.
The group had 7.33 million mobile subscribers in Sweden, Lithuania, Latvia, Estonia and Germany at the end of September, with 904,000 fixed broadband customers in Sweden at the same date.
CEO Kjell Johnsen commented: ‘Our main growth drivers are the Sweden Consumer segment and the Baltic markets … In the Baltics, we see strong operational momentum and growth, with continued progress of our mobile-centric convergence strategy. We have a strong position to build on, but we may also look into different opportunities to add fixed connectivity to our Baltic portfolio.’