From GlobeNewswire: 2024-05-07 13:05:00

Sýn hf.’s first quarter 2024 revenues amounted to ISK 5,934 million, a 1.3% increase from Q1 2023. Revenue split: Media up 10.0%, Broadband up 3.4%, Mobile down 11.5%, Fixed line down 9.3%, Hosting and operating solutions up 0.8%, Retail sale down 12.5%. Advertising revenue grew by 22%, EBITDA was 23.2%, operating profit was 2.0%, and the quarter ended with a loss of ISK 153 million.

Key executives agree on the need for strategic focus and organizational changes at Sýn hf. to drive efficiency, growth, and collaboration. The company values Joy, Passion, and Ambition, and aims to provide a clear strategic direction to achieve objectives. Operational improvements are anticipated in the second half of the year.

CEO Herdís Dröfn Fjeldsted highlights strong advertising revenue growth and a positive turnaround in home connections in the first quarter. While mobile revenues decreased, operational changes and cost-saving measures are expected to improve performance in the coming months. Organizational changes have already yielded monthly savings of about ISK 32 million.



Read more at GlobeNewswire:: Earnings for the first quarter of 2024