OTE’s profit falls 19%; reports broadband progress

5 Nov 2009

Greek incumbent telco OTE has posted a 19% year-on-year drop in third-quarter consolidated net profit to EUR163.1 million (USD240.5 million), on group revenues that fell by 7.4% to EUR1.52 billion as both fixed line and mobile sales decreased. OTE’s Greek ADSL lines in service reached 1.08 million at end-September 2009, up 16.8% from a year earlier, whilst the company reported that its ADSL Points of Presence (PoPs) have reached 1,485, of which 1,353 are outside the Attica region (Athens and its surrounds), translating to 94% of Greece’s PSTN lines able to access the ADSL network. OTE also estimates that the broadband penetration (including its own retail users and local loop unbundling [LLU] customers) now stands at 17.5%. LLU lines rose by 58.7% in the year to the end of September 2009 to 915,000. OTE says it has invested over EUR1.3 billion in its domestic fixed/broadband network in 2005-2009. The company, including mobile unit Cosmote with subsidiaries across south-east Europe, reiterated its 2009 full-year guidance for group profitability roughly in line with 2008.

Greece, Cosmote