August 17 (SeeNews) - Digi Communications [BSE: DIGI], majority owner of Romanian telecommunications company RCS&RDS, said its revenue rose 12.9% on the year to 809.3 million euro ($883.9 million) in the first six months of 2023.
Romania contributed 497.1 million euro to the company's overall revenues during the first half of 2023, followed by Spain with 299.9 million euro, Digi said in a preliminary financial statement filed with the Bucharest Stock Exchange, BVB, on Monday.
Revenue growth in Romania came on the back of an increase in mobile, fixed internet and data and cable TV revenue generating units, Digi added.
In the second quarter alone, Digi Communications' revenue rose by an annual 14% to 414.4 million euro.
The company's net profit shrank by 92.3% on the year to 26.8 million euro in the January-June period, as the better result booked in the same period of last year was owed to extensive asset sales. The gain from discontinued operations amounted to 319.2 million euro and was reflected in last year's financial results. The company's operating profit, however, inched up by an annual 3% to 72.5 million euro in the first half of 2023.
Total assets stood at 3.071 billion euro at the end of June, up from 2.848 billion euro at the end of 2022, while total liabilities increased to 2.428 billion euro from 2.233 billion euro.
RCS&RDS, founded by Romanian businessman Zoltan Teszari, comprises two companies - Romanian Cable Systems (RCS) founded in 1994, and Romanian Data Systems (RDS) founded in 1998. Its parent company, Cable Communication Systems, now Digi Communications N.V., indirectly operates telecommunications groups in Spain and Italy through RCS&RDS. The group recently expanded its operations in Portugal and Belgium, where it was attributed mobile spectrum at the 5G auctions from 2021 and 2022, respectively.
Digi shares traded 1.15% lower at 34.4 lei ($7.61/6.97 euro) on the BVB as at 1029 CET on Thursday.
($= 0.9156 euro)