OTE’s Q1 EBITDA drops 12%

9 May 2013

Greek full-service telecoms operator Hellenic Telecommunications Organisation (OTE) has reported a 12% year-on-year fall in EBITDA in the first quarter of 2013, and a 46% drop in net profit in the same period, which it attributed to tough competition in addition to the prevailing weak economic climate in Greece and the Balkan region. In the three months ended 31 March 2013 consolidated EBITDA stood at EUR368.0 million (USD482.9 million) and net income at EUR167.5 million, whilst revenues slid 12% year-on-year to EUR1.04 billion. First-quarter results include OTE/Cosmote operations in Greece, Romania, Albania and Bulgaria, although in late April Cosmo Bulgaria (GloBul) was sold to Norway’s Telenor to reduce debts at the Greek firm.

OTE, which is part-owned by Deutsche Telekom, achieved subscriber gains in its fixed broadband/pay-TV operations in Greece and at subsidiary RomTelecom in Romania in 1Q13. Greek IPTV/satellite users increased by 135% year-on-year to 149,000 at end-March while retail broadband customers grew by 11% to 1.21 million. Romanian satellite/IPTV/cable TV subscribers increased by 7% y-o-y to 1.28 million and broadband connections rose 5% to 1.22 million.

Greece, Cosmote, Telekom Romania Communications (formerly RomTelecom)