OTE’s revenue drop smallest in five quarters

8 Nov 2013

Greek incumbent telco OTE, part of the Deutsche Telekom group, has posted its smallest revenue drop in five quarters, a 5.1% year-on-year decline to EUR1.04 billion (USD1.41 billion) in the three months ended 30 September 2013, helped by improved performance in operations including pay-TV. Net income surged by 149% to EUR252.6 million, helped by the earlier sale of OTE’s Bulgarian mobile unit GloBul, which allowed the company to cut its net debt by 42% since the beginning of the year, reports Reuters. CEO Michael Tsamaz said: ‘We achieved another solid set of results in the third quarter, with the smallest drop in group revenues since the beginning of the current round of mobile termination rate (MTR) cuts.’ OTE more than doubled its pay-TV (satellite DTH and IPTV) subscribers in Greece in the year to the end of September 2013, from 97,000 to 218,000, while the group’s Romanian subsidiary RomTelecom increased its pay-TV (DTH, IPTV and cable) customers by 7.2% year-on-year to 1.32 million in the third quarter. OTE’s consolidated EBITDA declined by 7.3% year-on-year to EUR368.8 million in Q3 2013.