Q1 sales up 3.6% at OTE Group

14 May 2020

Greek telco OTE Group has reported a 3.6% increase in revenues for the first three months of 2020 to EUR941.1 million (USD1.02 billion) due to positive performances at its operations in Greece and Romania. Adjusted EBITDA also rose 3.6% to EUR347.1 million, while adjusted net profit jumped 78.9% to EUR112.5 million. Mobile service revenues were up 3.3% on higher income from data, while fixed retail saw a 1.3% rise in turnover due to strong sales of fixed broadband products. The firm said that COVID-19 had a limited impact on its operations in Q1 though it does expect a negative effect in Q2, which it hopes to temper via the introduction of cost-reduction measures.

The Greek unit Cosmote saw a 4.7% annualised fall in mobile subscriptions in the first quarter, ending March 2020 with 7.34 million users, though fixed broadband customer numbers were up 6.0% at 2.04 million. The drop in mobile subscribers was attributed to ‘consolidation of multiple SIM cards in the pre-paid segment’. Telekom Romania saw customer losses across its fixed and wireless operations, though revenues rose 9.5% to EUR237.1 million. It ended March with 3.91 million mobile customers and 977,492 fixed broadband users, down from 4.65 million and 1.08 million respectively a year earlier.