OTE Q3 profit drops

Greece’s OTE, the biggest telecoms company in southeast Europe, reported a 17.3 percent annual drop in third-quarter profit, hurt by austerity in its two biggest markets, Greece and Romania.

Net profit dropped to 104.4 million euros from 126.3 million in the same period last year. The results were broadly in line with an average 97.6 million euro profit forecast in a Reuters poll of analysts.