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Finnish telecom Elisa reports rise in Q1 profit

·1-min read

HELSINKI (Reuters) -Finnish telecom operator Elisa posted a 2.4% rise in first-quarter operating profit on Wednesday and said its full-year core result for 2021 remains on track to match or slightly exceed last year's earnings.

Elisa's January-March earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 170 million euros ($204.5 million) from 166 million a year ago.

The company saw a 2.9% rise in first-quarter revenue which came in at 482 million euros compared to 468 million euros the previous year.

"Despite increased restrictions and lockdowns due to COVID-19 and nearly all of Elisa's personnel working remotely, we achieved a strong result in the first quarter," Chief Executive Veli-Matti Mattila said in a statement.

"The 5G market is developing well," Mattila said, adding that Elisa expects data traffic over its 5G network to exceed that of 4G by 2023.

Elisa competes with Sweden's Telia and Norwegian Telenor's DNA for market share in Finland.

With growth in mobile data and digital services, the company said expects its full-year revenue to be slightly higher in 2021 than it was in 2020.

($1 = 0.8313 euros)

(Reporting by Essi Lehto, editing by Terje Solsvik)