Strong pay TV growth boosts poor T-Hrvatski Telekom results

A strong year-on-year increase in TV customers at the end of March failed to save Deutsche Telekom-owned Croatian telco T-Hrvatski Telekom from a significant fall in revenue and profits as a result of the country’s economic problems.

T-Hrvatski Telekom had 299,000 TV subscribers at the end of the first quarter, up 24.4% year-on-year or 6.8% quarter-on-quarter. ADSL customers were up 13.2% to 535,000.

However, T-Hrvatski Telekom’s overall revenue fell 2.5% to HRK1.9 billion (€260 million), while EBITDA fell by 6.4% to HRK767 million and net profit was down 8.5% to HRK351 million.