The Russian cable operator ER Telecom had revenues of R6.6 billion (€92.8) in Q1, or 21% more than in the same period last year.
However, reports ComNews, citing financial statements produced in accordance with International Financial Reporting Standards (IFRS), its net profit was, at R189 million, down 3.2 times on the R602 million posted for the first quarter of 2015.
Gross profit rose by 9.7% to R2.6 billion while its expenses – selling and administrative – were both higher in Q1 than a year earlier.
ER Telecom’s higher costs were in part down to the acquisition of Enforta, completed in Q1 this year.
ER Telecom is one of the leading cable operators in Russia and uses the brand name Dom.ru.
