Croatian IT company Ericsson Nikola Tesla reported a net profit of 59.7 million kuna (€7.9 million) in Q1 2022, an increase of 46 percent from the same period in 2021, the company said on Thursday.

Gross profit amounted to 82.9 million, which is 31.3 percent up year-on-year, while the company’s operating profit increased by 53.7 percent, to reach 69.6 million kuna. Sales revenues increased by 18.0 percent to 526.1 million kuna.

The domestic market accounted for 40.3 percent of the sales revenue, services for Ericsson accounted for 49 percent, while other export markets accounted for 10.7 percent of all sales revenues.

“The Ericsson Nikola Tesla Group started 2022 successfully with the realization of its projects and planned contracts for new business on the domestic and export markets. Significant growth is projected based on the results in Q1 2022 in almost all parameters. It is necessary to emphasize that the war in Ukraine is significantly affecting the realization of business opportunities in Belarus and the surrounding markets,” company chairperson, Gordana Kovacevic, was quoted as saying.

(€1 = 7.55 kuna)