OTE’s Q1 profit rises on strong mobile business, cost savings
OTE Group, the country’s biggest telecoms operator, reported a 4.6% rise in first-quarter net profit thanks to cost containment and its growing Greek mobile business.
Net profit came in at 135.3 million euros, up from 129.4 million euros in the first quarter last year.
OTE, majority owned and managed by Deutsche Telekom, said revenues dropped by 2% to 803.6 million euros, as strong mobile services in Greece were offset by weak wholesale and fixed telephony operations.
However, “strict cost discipline” boosted profits.
OTE said it would continue investing in fast fiber broadband connections to homes and in 5G services to deal with competition, which is seen toughening for the rest of the year.
The company said it expected to grow as a major system provider in Greece and the European Union, thanks to the ongoing disbursement of the post-pandemic recovery funds. [Reuters]
