Sales down but profits up at OTE Group

10 Nov 2017

Greece’s OTE Group has reported a 0.7% drop in revenues for the three months to 30 September 2017, to EUR991.2 million (USD1.17 billion), while EBITDA fell 2.3% to EUR348.7 million. Net profit for the third quarter climbed 2.4% to EUR76.5 million, however. The firm, which has subsidiaries in Greece, Romania and Albania, said it saw a positive contribution from its domestic fixed and mobile retail operations, impacted only by ‘wholesale tariff cuts mandated by the regulator’. Meanwhile, it said conditions remained ‘challenging’ for its foreign businesses. The group says it has launched ‘new initiatives to tighten costs and strengthen our profitability’.

In operational terms, the group’s Greek unit Cosmote reported 1.72 million retail fixed broadband connections at end-September, up 6.9% year-on-year, as well as 7.87 million cellular subscribers, up from 7.67 million in September 2016. Telekom Romania saw fixed broadband subscriptions fall 0.3% to 1.18 million, while its mobile user base declined by 13.6% to 4.77 million. Telekom Albania saw its mobile subscriber total fall back 0.9% to 1.89 million.