OTE’s 1Q net profit up 38%

31 May 2006

Greece’s Hellenic Telecommunications Organisation (OTE) yesterday reported that its first quarter net profit rose 38% year-on-year, driven by strong performance at its wireless division, stable revenues from fixed line operations and tighter cost controls. The operator said group net income rose to EUR109.7 million (USD139.9 million) in the three months to 31 March 2006, up from EUR79.3 million in the corresponding period of 2005. Group turnover climbed 6.5% to EUR1.39 billion from EUR1.3 billion the previous year. OTE said quarterly revenue from fixed line monthly rentals rose slightly to EUR169.3 million, up from EUR167.3 million, while internet services turnover increased to EUR25.5 million from EUR8.3 million. Total fixed line revenue increased 3.3% to EUR684.7 million. At the end of March, OTE said it had more than 213,000 retail and wholesale ADSL subscribers. At wireless arm Cosmoté, operating revenues for the period under review amounted to EUR496.4 million, up by 30.5% year-on-year, with international mobile business accounting for over 25% of the total.

Greece, Cosmote