Croatia's largest telecom, Hrvatski Telekom (HT), posted a 42.2 million kuna (€5.6 million) net profit in Q1 2021, according to the consolidated financial report released on Thursday. This is 70 percent down from 141.8 million kuna (€18.7 million) in Q1 2010, with the company attributing the massive drop to investments.

However, total revenue in Q1 2021 amounted to 1.83 billion kuna (€242 million) or 1.7 percent up year-on-year. Total expenditure also increased, by 9.4 percent year-on-year, to 1.78 billion kuna (€235 million). EBITDA increased by 4 percent to 644 million kuna (€85 million).

HT said they have continued investing in expanding 5G network around the country, and added that by the end of March they managed to cover 34 cities in Croatia with about 1.5 million residents with 5G service.

They also continued building optical infrastructure and the introduction of Next Generation Access (NGA) fixed networks.

(€1 = 7.57 kuna)