05.03.2008, 11:37
Lattelecom Group Posts Record Turnover Figures Since Its Establishment
OREANDA-NEWS. On 04 March 2008 was announced, that the audited 2007 operating results of the Lattelecom Group, which will be reviewed by the company’s council on March 19 and then forwarded for the approval of the annual meeting of shareholders, show the following major results:
Turnover for the group was higher than ever before since the establishment of Lattelecom in 1994 – LVL 153.5 million, which was LVL 7 million (5%) more than in the previous year. The previous turnover record was set in 2002, when it amounted to LVL 147.4 million. There was a decline in income in the subsequent two years, but turnover growth returned in 2005.
The more rapid increase in turnover was supported by data transmission and Internet services. In that market segment, income rose by 22% or LVL 6.1 million last year. A considerable increase in turnover was also seen in the area of information technology and network installation services – growth of LVL 3 million or 17%. Directory assistance and other outsourced client services led to a 22% increase in income.
Profits for the Lattelecom Group in 2007 amounted to LVL 38.1 million, which was LVL 0.9 million or 2.4% less than in 2006.
Capital investments for the group in 2007 amounted to LVL 29.2 million. The largest share of investments related to modernisation of the electronic communications network and to the access and data network which mostly relates to the hooking up of new broadband Internet clients. The largest amount in capital investments was made by Lattelecom in 1998. Since the modernisation programme was launched in 1994, total capital investments have amounted to LVL 563.9 million.
There are six companies in the Lattelecom Group – SIA Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology and its subsidiary, the Baltic Computer Academy, as well as LSS. Lattelecom was established as a joint venture in 1994. 51% of its capital shares belong to the Republic of Latvia, while 49% belong to the Tilts Communications consortium. It, in turn, is owned by Sonera Holdings B.V., which is a subsidiary of Sonera Corporations. 99.4% of that company belong to TeliaSonera AB.
Turnover for the group was higher than ever before since the establishment of Lattelecom in 1994 – LVL 153.5 million, which was LVL 7 million (5%) more than in the previous year. The previous turnover record was set in 2002, when it amounted to LVL 147.4 million. There was a decline in income in the subsequent two years, but turnover growth returned in 2005.
The more rapid increase in turnover was supported by data transmission and Internet services. In that market segment, income rose by 22% or LVL 6.1 million last year. A considerable increase in turnover was also seen in the area of information technology and network installation services – growth of LVL 3 million or 17%. Directory assistance and other outsourced client services led to a 22% increase in income.
Profits for the Lattelecom Group in 2007 amounted to LVL 38.1 million, which was LVL 0.9 million or 2.4% less than in 2006.
Capital investments for the group in 2007 amounted to LVL 29.2 million. The largest share of investments related to modernisation of the electronic communications network and to the access and data network which mostly relates to the hooking up of new broadband Internet clients. The largest amount in capital investments was made by Lattelecom in 1998. Since the modernisation programme was launched in 1994, total capital investments have amounted to LVL 563.9 million.
There are six companies in the Lattelecom Group – SIA Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology and its subsidiary, the Baltic Computer Academy, as well as LSS. Lattelecom was established as a joint venture in 1994. 51% of its capital shares belong to the Republic of Latvia, while 49% belong to the Tilts Communications consortium. It, in turn, is owned by Sonera Holdings B.V., which is a subsidiary of Sonera Corporations. 99.4% of that company belong to TeliaSonera AB.
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