Telnet Holding Group posted consolidated net profit of 2.2 million dinars in the first half of the year, compared with 4.3 million a year earlier, i.e. a decline of 49%, mainly attributed to net financial expenses of 1.2 million dinars, according to individual and consolidated financial statements at June 30, 2019.
At the end of last June, the Group generated revenues of 21.7 million dinars, against 19.4 million dinars at the same date last year, posting a growth of 12%. As for operating expenses, they went from 17.2 million dinars to 18.6 million between the two periods, i.e. an increase of 8%.
Therefore, the Group’s operating profit rose 37% to 3.4 million dinars in the first half, compared with 2.5 million a year earlier.
Nevertheless, the Consolidated Net Profit was negatively impacted by net financial charges of 1.2 million dinars related to foreign exchange losses, against foreign exchange gains of 1.8 million at the end of June 2018.
On the side of the individual financial statements, the parent company saw its net profit rise from 12.9 million dinars at the end of June 2018 to 7.4 million at the end of last June, a drop of 42.5%.
This drop is due to the sharp decline in investment income by 8.1 million dinars, compared with 13.5 million a year earlier, down 40%.