Tele2 set to raise profile after Q1 drop in profits

Swedish telecoms operator Tele2 http://www.tele2.com has announced that it will step up marketing and expansion in Europe after reporting a sharp drop in first-quarter profits and fewer new customers compared to the same period a year earlier. As the company reports in a press release on its website, its revenue increased by 12 per cent to 11.5 billion Swedish Krone (12.6 million euros), while its profit dropped from 678 million (74 million euros) to 483 million Swedish Krone (52.75 million euros). 300,000 customers signed up to Tele2's fixed subscription in Sweden in the first quarter of 2005, the company said.