Lattelecom
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Lattelecom (previously Lattelekom) is a Latvian internet service provider and telecommunications company.
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[edit] Privatisation
Lattelecom is a former state-owned telecommunications company. In 1994, 49% of the company's stock was sold to two foreign investors, Cable and Wireless and Telecom Finland, which is now part of TeliaSonera. Cable and Wireless later sold its stake to TeliaSonera, which now owns 49% of the company. The remaining 51% of the company still belongs to Latvian government.
[edit] Monopoly
Until relatively recently, Lattelecom had a monopoly on fixed-line voice communications in Latvia, which ended on January 1, 2003 [citation needed]. The Latvian fixed telecommunications market is now open to competition but Lattelecom still has an overwhelming share of the market, and the company is also one of leading internet service providers in Latvia and is one of the owners of Latvijas Mobilais Telefons, Latvia's largest cell phone operator.
[edit] Profits and performance
As of 2003, Lattelecom employs about 3,000 people, has annual revenues of 140 million lats (approximately $310 million (US))and profit of 27 million lats (approximately $50 million (US)).
