Croatia's major telecom, Hrvatski Telekom (HT), majority owned by Germany's Deutsche Telekom, posted 5.6 billion kuna (€744 million) revenues in the first nine months of 2022, or 0.4 percent up year-on-year, with profits increasing by 15 percent to 530.2 million kuna (€70.4 million), the company said in their financial report released on Monday.

In the same period, their expenditures dropped by 4 percent to 4.9 billion kuna (€650 million).

In Q3 2022 alone, HT generated 2.1 billion kuna (€279 million) in revenue, an increase of 10.5 percent year-on-year, while expenditures rose by 12.5 percent to 1.8 billion kuna (€239 million). Profits reached 228 million kuna (€30.3 million), down by 24.6 percent compared with Q3 2021.

HT said that “despite the challenging macro-economic environment driven by inflation and unprecedented energy prices,” their business results “are good” and the outlook for the remainder of the year is “stable.”

(€1 = 7.53 kuna)