RIGA, Feb 3 (LETA) - According to preliminary data, mobile operator Tele2 posted EUR 130.5 million in turnover last year, which is 4 percent more than in 2018, while the company's profit amounted to EUR 31.66 million, as Tele2 public relations manager Oskars Firmanis informed LETA.

Firmanis also said that Tele2's turnover from the principal activity increased 8.1 percent in 2019.

Tele2's profit before interest, taxes, depreciation and amortization (EBITDA) was EUR 49.77 million last year, while the company's profitability was 38.1 percent.

Firmanis added that the company's investments in network and product development grew 93 percent last year, amounting to EUR 18.5 million.

"2019 was a very successful year for the company, primarily because of our investments in modernization as well as our well thought out business strategy and product portfolio. This year, we will continue strong development and ensure the highest quality of mobile services by investing approximately EUR 10 million into the expansion of 4G and 5G networks. We will install about 50 new base stations, strengthen our capacity by connecting mobile base stations to the optical network in Riga, as well as install more advanced technology in base stations in the regions of Latvia," said Tele2 CEO Valdis Vancovics.

He also said that the company would continue work on the development of the 5G network this year. Tele2 is planning to set up several 5G base stations in different cities of Latvia, and the strategy is to roll out the 5G network gradually to meet the demand for the technology as a wider and more affordable range of 5G devices arrives on the market.

In 2019, Tele2 set up a total of sixty new base stations, as well as upgraded 190 base stations throughout Latvia. Tele2 has more than 1,050 mobile base stations in Latvia.

As reported, Tele2 closed 2018 with EUR 131.432 million in turnover, up 4.6 percent against a year before, while the company's profit grew 6.6 percent year-on-year to EUR 30.904 million.

Tele2, registered in 1995, has a share capital of EUR 3.486 million. Its sole owner is Sweden's Tele2 Sverige Aktiebolag.

© Pakistan Press International, source Asianet-Pakistan