Profit at Three Ireland rises despite ongoing cost pressures

Mobile provider Three Ireland said turnover and profit rose last year despite ongoing pressures from rising energy costs and inflation.

The operator reduced its pretax losses to just under €17 million, down from €20.3 million a year earlier, restructuring its funding and removing €550 million of intercompany debt.

Turnover at the network rose 7 per cent in 2022, reaching €620 million for the year. Gross profit was up 3 per cent to €434 million, while operating profit increased from €42 million to €45 million for the year.

Selling and administration costs rose by €9 million over the year, fuelled by rising energy costs and other inflationary pressures.

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Wages and salaries cost the company €83.7 million, with staff numbers rising slightly to 1,273 by the end of the year.

Chief financial officer Simon Henry described the results as “satisfactory” and “as expected”.

“At Three we’re continuing to advance technologies across our 4G and 5G spectra, and have invested in energy-saving initiatives across our network infrastructure in the face of increasing energy costs,” he said.

The company, owned by multinational CK Hutchison Holdings, also said it had continued to develop its infrastructure and services to provide fourth and fifth generation mobile, video multimedia, data and telecommunications services.