Croatia's major telecom HT, majority-owned by Deutsche Telekom, reported a consolidated net profit of 302.3 million kuna (€40 million) in the first half of 2022 in their regular financial statement on Thursday, nearly double from 158.2 million (€21 million) posted in the same period in 2021.

“Organic net profit grew strongly in H1, up by 80.3 percent to 301 million kuna. Apart from the growth in earnings before tax, we are seeing a positive contribution of depreciation which returned to its usual level after the peak in the first half of 2021. Organic investments amounted to 773 million kuna, or 12.7 percent up from the same period of last year,” the company said.

The company’s total revenues in the first half of 2022 amounted to 3.55 billion kuna, down by 3.7 percent year-on-year. Total expenditures dropped by 9.8 percent to 3.15 billion kuna.

“HT ended the first six months of 2022 with a solid commercial performance, reflected in stable revenues, growing EBITDA and net profit, strengthening our leading positions in both fixed and mobile network markets, while customer satisfaction reached new all-time highs,” CEO Konstantinos Nempis said.

(€1 = 7.51 kuna)