OTE posts first quarterly revenue rise in five years

6 Mar 2014

Greek and southeast European telecoms operator OTE, 40% owned by Deutsche Telekom, has posted a slight increase in revenue for the fourth quarter of 2013, up 0.1% to EUR1.046 billion (USD1.44 billion), while turnover for the full year fell by 6.4%. The quarterly revenue performance was the first increase in five years, Reuters reports, and the group flagged the result up as an indicator that the annual pace of turnover decline will decrease in 2014, amidst signs that Greece’s recession-hit economy could be bottoming out. The positive Q4 sales report was driven by ‘resilient’ Greek fixed line performance and resurgent statistics from OTE’s Romanian subsidiary RomTelecom, the company said. Full-year 2013 net profit fell 35% to EUR287.8 million, weighed down by an early retirement plan aimed at minimising future costs, while OTE confirmed it will not pay a dividend for the third consecutive year.

Greece, Cosmote