Tecnotree, the global provider of IT solutions for the telecom industry, has recently announced its Q3 financial results for 2020. Despite the highly volatile and challenging economic conditions created by the COVID-19 epidemic, Tecnotree has strengthened its market position, especially in the MEA region; increasing both revenue and profitability compared to the same quarter last year.
Revenue in the third quarter was 18% higher than the same quarter last year and profitability this quarter was also a record high, with an operating margin (EBIT) of 47% yielding a €6.9 million operating result.
Key Q3 Year-on-Year Changes:
Revenue improved by 18% with €14.7 million
Net income grew by 110%
Reported EBIT is €6.9 million with a 60% increase
Earnings per share has doubled to 2 cents from 1 cent
Cash and cash equivalents at the end of September increased by 26% in comparison to the same time in 2019
Tecnotree's Digital BSS Suite 5 product offering and the company's vast experience in driving digital transformation continue to generate interests across various telecom industry markets, where digitalization has become a necessity to compete and survive in the post Covid-19 era.
'Our positive Q3 results are further evidence of the strength of our offerings to telecom operators. We will continue our robust growth across global markets by increasing the presence of our brand and unlocking new opportunities from the 5G implementations and digital transformation requirements of our customers. Going forward, we will also synergize new partnerships with the Internet of Things (IoT) providers to increase our competitive edge and reach new markets; allowing our customers to benefit from the full range of Tecnotree Digital BSS Suite 5 products and our high-quality digital deployment, operational and Managed Services capabilities'- comments Padma Ravichander, CEO of Tecnotree Corporation.
Tecnotree Oyj published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2020 14:22:02 UTC