Tele 2 doubles profits

Swedish mobile telecoms operator Tele 2 posted a pre-tax first quarter profit on Wednesday of 1.588 billion kronor ($220 million), beating market expectations.

The firm recorded a 755 million kronor profit for the same period last year. Analysts consulted by news agency Reuters expected Wednesday’s profit result to come in at 1.313 billion kronor.

“At Tele2 we are proud but never satisfied, and our Q1 2010 interim results are proof that hard work pays off. EBITDA grew by 5 percent to 2.358 billion, resulting in a strong margin of 25 percent,” said CEO Lars Nilsson in a statement.

Net sales for the quarter totalled 9.535 billion kronor, below analyst projections of 9.698 billion kronor.

Tele 2 said it had added 949,000 customers in Russia over the quarter, while mobile revenue in the Nordic grew by 3 percent.

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