OTE’s revenues fall 8.6%

8 Aug 2013

Greek full-service telecoms operator OTE has reported an 8.6% year-on-year fall in consolidated revenues for its Greek and south-eastern European markets in the second quarter of 2013 to EUR1.003 billion (USD1.335 billion), as the effects of economic gloom and government austerity measures continued to decrease the spending power of subscribers while encouraging users to migrate to alternative operators who are less heavily regulated, with the downward pressure on sales exacerbated by the imposition of lower mobile termination rates (MTRs). Group net profit shrank by 40% to EUR57.2 million in April-June 2013. The group results exclude recently divested Bulgarian cellco GloBul. OTE reported a small piece of encouragement amongst its declining financials by posting the smallest revenue decline in three years (8.1%) at its Greek fixed line division (while reporting an 18% payroll cut).

Greece, Cosmote, Cosmote (old)