BUSINESS

OTE Telecom third quarter profit up as Greece grows

TAGS: Business

Greece’s biggest telecoms operator OTE posted a 3.8 percent rise in third-quarter core profit on Thursday thanks to growing business in its home market.

The former national monopoly, 45 percent owned and managed by Deutsche Telekom, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 375.7 million euros ($416 million), up from 361.8 million euros a year earlier.

In Greece, where the economy has been growing modestly after a crippling debt crisis, OTE said it would benefit further from its investments in advanced data networks.

Adjusted EBITDA in Greece rose by 5.9 percent thanks to robust demand for fixed broadband services, more than offsetting declining profit in Romania were a turnaround plan has started bearing fruit.

OTE reiterated its outlook for free cash flow of 350 million euros for the full year.

[Reuters]

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