The net profit of Ericsson Nikola Tesla (ENT) in the first nine months of 2020 amounted to HRK 67.2 million, 16.8 million less than in the same period of 2019, the company said in a financial report on Wednesday.

ENT, an affiliate of Ericsson which provides modern telecommunications products, solutions and services, earned HRK 1.44 billion from sales in the first nine months of this year, 15.2% up from the same period of 2019.

The domestic market accounted for 46% of the total sales revenue, services rendered for Ericsson accounted for a 44% share and other export markets for 10% of the total sales revenue.

The company’s gross profit was HRK 124.5 million, 1.2% less than in the same period of last year, while pre-tax profit was 19.7% lower, at HRK 75.1 million.

The company’s total assets at the end of September 2020 amounted to HRK 1.12 billion, 17.7% up from the end of 2019.

ENT CEO Gordana Kovacevic said the company expected to play a major role in the commercial introduction of the 5G technology and networks in Croatia, to begin in the first half of 2021.

(€1 = HRK 7.573642)