"Teo's results somewhat surprised market players. First, revenues from voice telephony fell less than expected and, second, revenues from network interconnection services or, to be more exact, from international call transit, rose," it quoted Tadas Povilauskas, analyst at Finasta, as saying.
The analyst said that Teo's share price would likely go up due to decreased supply.
"The price of the stock may rise further in the near term, because a considerable number of market players sold their shares during the tender offer and those who did not, will not sell their shares now," he said.
The telecoms company's share price remained unchanged on Tuesday after rising to 0.638 euros on Monday.
Teo's consolidated first-half net profits increased by 2.2 percent year-on-year to 78.3 million litas (EUR 22.7 m), as revenues grew by 3 percent to 369.8 million litas.
