ECONOMY

OTE expects a ‘solid’ year as restrictions ease

ote-expects-a-solid-year-as-restrictions-ease

OTE Telecom, Greece’s biggest telecoms operator, posted higher core profit yesterday and said that 2021 “will be a solid” year as the negative effect of the pandemic fades out.

OTE, 46% owned and managed by Deutsche Telecom, said core earnings (EBITDA) reached 301 million euros in the first quarter, up from €296.5 million in the first quarter last year.

Group revenue fell by 1.2% to €787.9 million, as weak operations in Romania more than offset growing sales of mobile handsets at home.

However, OTE was confident that revenues will recover, helping the group achieve a “solid” 2021 thanks to the lifting of coronavirus restrictions and the upcoming reopening of tourism in Greece as vaccinations in the country gathered pace.

[Reuters]