Results published by the company show that it amounted to HRK85 (€11.2), or 2.5% less than the same period last year. At the same time, there was only modest growth in the number of pay-TV subscribers, up by 0.4% to 490,000. Meanwhile, in Montenegro, the number of TV customers rose by 10.3% to 72,000.
In Croatia, revenues from broadband and TV services were HRK338 million in Q1, up 6.6% on a year earlier, while in Montenegro they increased by 3.8% to HRK29 million.
HT Group’s revenues in Q1 amounted to HRK1,735 million, down 2.2% on the same period last year. EBITDA after exceptional items was HRK669 million (-11.2%) and net profit HRK149 (-21.7%).
In his comments on the results, HT’s CEO Konstantinos Nempis said: “The first quarter of 2020 was anything but ordinary, still Hrvatski Telekom successfully managed to adapt to the new normal. We have in a demanding business environment delivered a stable performance, reorganised every aspect of our business, set up a new operating model that enabled us not only to maintain our efficiency, productivity and high customer service levels, but also to grow our digital channels and deliver the best network experience in the market. In the process we made substantial contributions to the economy, successfully delivered on our promise of connectivity and provided stability, reliability and value to our customers and society in a time when this was crucial.
“Nevertheless, the unprecedented situation we faced in Q1 will inevitably impact the economy as a whole, as well as the year-end results, with a very challenging outlook foreseen for the remainder of 2020. This will require necessary adjustments on the cost management and investment side.
“Despite this, our commitment to supporting Croatian economy and society remains strong as ever. Hrvatski Telekom will continue to strive for operational excellence, drive the digitalization agenda, and we are looking forward to enabling the opportunities the digital technology and convergence, especially the roll-out of fiber can provide. In the process, by connecting individuals, businesses and communities, by raising the awareness and appreciation of what we as the leading telecom and the largest investor in Croatia are enabling we will continue creating value for our shareholders, customers and employees”.