Croatian telecom company T-HT says profits drop 31 pct
ZAGREB Oct 30 (Reuters) - Croatia's biggest telecom operator, T-HT, said on Wednesday its nine-month revenue and profit tumbled due to growing competition and shrinking consumption in the country.
Nine-month net profit fell 31 percent to 964 million kuna ($174.07 million) while revenue was down 8 percent at 5.21 billion kuna.
"The fall in revenues is a result of intensified competitive pressure from bundled telecommunications offers and downward pressure on pricing, falling consumption and the continued economic slowdown," T-HT said in a statement.
Prices started falling after Croatia joined the European Union in July. The ex-Yugoslav republic is in a fifth straight year without economic growth and has lost around 11 percent of its national output since the crisis began in late 2008.
T-HT, majority-owned by Deutsche Telekom, said it hoped this year's revenue fall would still be smaller than in 2012, when it dropped 7.6 percent.
T-HT serves some 1.3 million landline customers and around 2.4 million mobile subscribers in the country of 4.4 million people.
Its main local competitors are Vipnet, owned by Telekom Austria, and Sweden's Tele2. ($1 = 5.5380 Croatian kunas) (Reporting by Igor Ilic; editing by Zoran Radosavljevic and Tom Pfeiffer)
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