OTE Group, which has fixed and mobile operations in Greece and Romania, has reported a 7.0% increase in revenues for the fourth quarter of 2019 to EUR1.04 billion (USD1.12 billion). Turnover for full year 2019 climbed 2.9% to EUR3.80 billion. Adjusted EBITDA for the final three months of last year stood at EUR355.9 million, up 9.4% year-on-year, while for the full year EBITDA was up 3.6% at EUR1.32 billion. Adjusted fourth quarter net profit jumped from EUR53.0 million in 2018 to EUR123.5 million last year, and for FY 2019 net profit rose 45.9% to EUR410.0 million. OTE Group is 45% owned by Deutsche Telekom of Germany.
In its outlook statement OTE noted: ‘As the economic environment in Greece further improves, OTE should continue to deliver top-line growth, driven by increasing demand for its fixed broadband and mobile data services, reflecting its technological edge, extensive infrastructure upgrade, and focus on customer experience. In Romania, turnaround efforts are gaining traction, supporting a gradual recovery.’
At the end of 2019 the group served 7.40 million mobile subscribers, 2.01 million fixed broadband users and 2.65 million fixed telephony customers in Greece, plus 4.04 million mobile users, 1.32 million broadband customers and 2.07 million fixed voice connections in Romania.