Greek former monopoly telco OTE’s first-quarter net profit rose by a stronger-than-expected 28% on lower payroll costs and taxes, partly reflecting its corporate restructuring efforts over the past two years. CEO Panagis Vourloumis said in a statement: ‘In Greek fixed line, the cost cutting of the past two years is yielding results’. For the three months to 31 March, the company said net profit was EUR140.9 million (USD189.7 million) compared with EUR109.7 million in the same period a year earlier, while revenue rose 8.8% to EUR1.51 billion, up from EUR1.39 billion. Operating income before depreciation and amortisation (OIBDA) – which the company adopted in the first quarter last year to replace earnings before interest, taxes, depreciation and amortisation (EBITDA) – rose 9.6% year-on-year from EUR512.5 million to EUR561.7 million. The net profit figures were much higher than analyst expectations of EUR116 million, but turnover was in line with forecasts of EUR1.52 billion.