April 30 (SeeNews) - Croatian telecommunications equipment manufacturer Ericsson Nikola Tesla [ZSE:ERNT-R-A] said its consolidated net profit grew 8.6% year-on-year to 32.9 million kuna ($5 million/4.4 million euro) in the first quarter of 2019.
Operating profit dropped 2.2% to 41.4 million kuna in the three months through March, while sales revenues increased 13.8% to 388.2 million kuna, the company said in a filing to the Zagreb Stock Exchange (ZSE) on Monday.
Domestic sales revenue amounted to 91.5 million kuna in January-March, an increase of 58% year-on-year, while on export markets (except Ericsson market) sales revenue fell 3.6% to 43.8 million kuna.
Sales on the markets of Southeast Europe (Bosnia and Herzegovina, Montenegro and Kosovo) dropped to 23.4 million kuna in the first quarter, a decrease of 2.4% year-over-year.
On the Ericsson market, sales revenue totalled 252.9 million kuna, up 6.4%.
Sweden's Ericsson owns 49.07% of the Croatian company.
(1 euro = 7.41733 kuna)