Business results in Q1 2016 show that Ericsson Nikola Tesla (ENT) sales revenues grew by 7% on the year, reaching HRK 330.8 million, while net profits grew by 12.3% to HRK 28.2 million, the company said in a statement on Thursday.
Operating profit increased by 20.6% year-over-year to HRK 29.2 million.
"Business results in Q1 2016 show a continuation of stable business performance. We continue to register a significant growth of revenue in the Ericsson market due to expansion of business activities and taking over of new responsibilities, thus neutralizing the revenue decrease in other markets," said ENT President Gordana Kovacevic.
The company said in its report that unfavourable economic trends in the local and foreign markets, delays and a cautious approach of customers regarding capital expenditures, continued to significantly burden the ENT business. "These are precisely the reasons why we recorded a decrease in sales revenue in the markets of Southeast Europe and in the local market," the report said.