Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

T-Hrvatski First-Half Profit Falls 30% as Revenue Drops

July 30 (Bloomberg) -- T-Hrvatski Telekom d.d., the Croatian unit of Deutsche Telekom AG, said its profit fell 30 percent in the first half of 2014 as the European Union’s newest member struggles through a sixth year of recession.

Net income dropped to 401 million kuna ($70 million), the Zagreb-based company said in a Regulatory News Service statement today. Revenue declined 5.2 percent to 3.3 billion kuna, while earnings before interest, taxes, depreciation and amortization, or Ebitda, was at 1.2 billion kuna.

“Despite the continued deterioration of our operating environment and the imposition of a new tax, we are maintaining the outlook for 2014,” Chief Executive Officer Davor Tomaskovic said in a statement. He said efforts will continue to make the company “more agile and efficient.”

Croatia’s biggest phone company, 51 percent owned by Deutsche Telekom AG, is looking to expand beyond its traditional business to Internet, pay television, and mobile-phone services after profit shrank for a sixth year in 2013 because of the recession.

The Adriatic nation’s gross domestic product may contract 0.6 percent this year, according to a Bloomberg survey of 10 economists published July 24. The central bank earlier this month forecast a 0.2 percent contraction.

Foreign direct investment in 2013 dropped 55 percent from a year earlier. Unemployment in June was 18.3 percent, while retail trade in May declined 1.8 percent from a year-ago.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editors responsible for this story: James M. Gomez at jagomez@bloomberg.net Andrea Dudik, Pawel Kozlowski

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.