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OTE Telecom Q2 Profit Up

Financial results News - Published on Tue, 13 Aug 2019

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Greece’s biggest telecoms operator OTE posted a 1.7% rise in second-quarter core profit as a recovery in its home market helped offset poor performance at its Romanian operations. The former national monopoly, which is 45% owned and managed by Germany’s Deutsche Telekom, reported earnings before interest, tax, depreciation and amortisation of 321.9 million euros (USD 360.75 million) for the quarter, up from 316.4 million euros a year earlier.

In Greece, where the economy has been recovering after a crippling debt crisis, adjusted EBITDA increased by 4.7%.

In Romania, profit fell 20%, hurt by a fall in revenues at both fixed line and mobile services. Performance in Romania was expected to stabilise after implementing one-off measures.

Sales rose 0.4% to 946.9 million euros.

It maintained its forecast for reported free cash flow of about 350 million euros for the full year.

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Posted By : TelecomGuru on Tue, 13 Aug 2019
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