The Hrvatski Telekom (HT) company reported a net profit of €53.3 million, which "is approaching the pre-covid level, mainly supported by non-operational drivers and Montenegro", the telecom stated on Thursday.

The H1 net profit thus rose 33.3% compared to the same period in 2022.

“As a result of positive business developments Hrvatski Telekom in H1 2023 recorded 6.2% YoY revenue growth, which was driven by good performance across revenue categories in consumer and business segment,” it reported.

“Despite the double digit inflationary pressures on our cost base, we have managed to contain operating expenses increase to 6.7% YoY, supported by continued operating model transformation and efficiency initiatives. This, alongside with the strong commercial momentum has helped our adjusted EBITDA AL (€178 million) grow by 1.8% YoY.”

The H1 operating expenses were €296 million.

The revenues increased to  €492 million.

“Total investments including spectrum amounted to EUR 233.1 million (+126.4% YoY), representing the market leading investments and HT’s persistent dedication to provide the platform for country’s digitalization and future business growth.”