OTE revenues up 0.3% in best performance since 2008

7 Aug 2015

Full-service telco OTE has reported group revenue of EUR953.5 million (USD1.0 billion) in the three months to 30 June 2015, up 0.3% from EUR950.6 million in the same period one year earlier, representing the firm’s best revenue performance since 2008. OTE attributed the growth to its Greek operations, with the domestic fixed line sector posting an annualised increase in turnover for the third consecutive quarter, growing 0.6% to reach EUR374.2 million. The Greek mobile sector saw revenue drop from EUR312.8 million in 2Q14 to EUR303.1 million a year later, in the face of continued macroeconomic strains, although equating to a narrowing in service revenue decline. Group EBITDA fell 31.3% from EUR342.5 million in the second quarter of 2014 to EUR318.4 million in Q2 2015.

CEO Michael Tsamaz commented: ‘Our path toward stabilisation in the coming months will be largely dependent on the evolution of the environment in our home country. Higher taxes are likely to have an impact on consumer spending. Our continuing investment for growth should further fortify us and enable us to weather well any adverse external influences on our profitability and cash flow generation.’

Greece, Cosmote