Tele2: third-quarter profit up, but organic sales drop

(CercleFinance.com) - Swedish telecom operator Tele2 reported higher quarterly earnings on Tuesday, even though organic sales actually dropped on the back of the coronavirus pandemic.


At 6.6 billion Swedish kronor, Tele2's third-quarter organic sales declined 3% year-on-year, as end-user service revenue fell by 2% to 4.9 billion Swedish kronor.

The company's underlying EBITDA rose by 2%, driven by strong performance in the Baltics and cost savings, while net profit increased to 1.2 billion Swedish kronor, up from 1 billion Swedish kronor a year ago.

In a statement, CEO Kjell Johnsen said he sees "room for operational improvement for further value creation" that he plans to address going forward.

Tele2 has been recently approved to participate in the upcoming Swedish 5G spectrum auction.

Its shares were down 3% following these results.

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