ENT revenues in Q1 up 7 pct, net profit up more than 12 pct

Business results in Q1 2016 show that Ericsson Nikola Tesla (ENT) sales revenues grew by 7% on the year, reaching HRK 330.8 million, while net profits grew by 12.3% to HRK 28.2 million, the company said in a statement on Thursday. 

Operating profit increased by 20.6% year-over-year to HRK 29.2 million.

"Business results in Q1 2016 show a continuation of stable business performance. We continue to register a significant growth of revenue in the Ericsson market due to expansion of business activities and taking over of new responsibilities, thus neutralizing the revenue decrease in other markets," said ENT President Gordana Kovacevic. 

The company said in its report that unfavourable economic trends in the local and foreign markets, delays and a cautious approach of customers regarding capital expenditures, continued to significantly burden the ENT business. "These are precisely the reasons why we recorded a decrease in sales revenue in the markets of Southeast Europe and in the local market," the report said. 

Last update: Thu, 28/04/2016 - 12:24

More from Business

Croatian Postal Bank posts record net profit of HRK 147.5 mln

The Croatian Postal Bank (HPB)'s net profit in the first nine months of 2016 was 38.1% higher compared to the same...

Apple earnings down, iPhone sales decline

Apple's latest results, posted Tuesday, showed a drop in revenue and declining iPhone sales.

Adris Group's Jan-Sept net profit HRK 570 mln

In the first nine months of 2016 the Adris Group generated a net profit of HRK 570 million while its total revenue...

Podravka Group posts net profit of HRK 142.2 mn

The Podravka food and pharmaceuticals group generated a net profit of HRK 142.2 million in the first nine months of...

IKEA Croatia increases turnover by 5.8%

IKEA Croatia has generated HRK 567.7 million (without Value Added Tax) in turnover or 72.4 million euro in the 2016 ...