T-Hrvatski First-Half Profit Falls 29% as Revenue Declines 5.9%Jasmina Kuzmanovic
T-Hrvatski Telekom d.d., the Croatian unit of Deutsche Telekom AG, said profit fell 29.4 percent in the first half of 2013 as the crisis continues to hurt the economy of the European Union’s newest member.
Net income fell to 570 million kuna ($101 million), the Zagreb-based company said in a Regulatory News Service statement today. Revenue fell 5.9 percent to 3.4 billion kuna, while earnings before interest, taxes, depreciation and amortization, or Ebitda, declined 17.8 percent to 1.4 billion kuna.
“We have delivered a resilient set of results and maintained our leading market position despite continued pressure from the challenging operating environment in the second quarter,” Chief Executive Officer Ivica Mudrinic said in a statement.
The phone company, 51 percent owned by Deutsche Telekom AG, is looking beyond its traditional business to the Internet, pay television, and mobile-phone services as Croatia struggles to exit a four-year long recession.
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