Business News

Tušmobil Reports Its First Profit

Ljubljana, 07 April (STA) - Tušmobil, the third largest wireless services provider on the Slovenian market, generated a net profit of EUR 1.96m for 2013 after ending 2012 EUR 2.99m in the red. Net revenue was up 5% to EUR 75.9m, the company said its first filing with the Ljubljana Stock Exchange after going public in October 2013.

Tušmobil recorded a net profit for the first time in its seven-year history. Earnings before interest, taxes, depreciation and amortisation rose by around 30% to EUR 12m and the number of users was up 8.3% to 270,000 from 2012.

"Tušmobil can look back on its most successful year so far in which we enhanced our position on the Slovenian telecommunications market," a press release from the company reads.

The company expects its operations to "fully stabilise" this year as positive trends are expected to continue both in terms of user numbers and operating results.

The company, held privately by Tuš Holding, is bound by disclosure requirements after floating a EUR 5m bond issue on the Ljubljana Stock Exchange in October 2013.

Tušmobil raised the money to pay off debt to the biggest creditor, the telecoms incumbent Telekom Slovenije, stemming from interconnection fees.

According to the latest report, Tušmobil has EUR 13m in long-term financial liabilities.

The latest data from the Agency for Communication Networks and Services put Tušmobil's market share at 11.9%.

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