ECONOMY

Key OTE figures slide for the first time

OTE telecom on Thursday reported a decline in first-half revenues and profitability, recording lower revenues from fixed-line telephony than other sources for the first time in its history.

Consolidated revenues fell 10 percent to below the 2-billion-euro mark after many years. Operating profits (EBITDA) were down to 688 million euros from 766 million in the same period of 2012, and net profit fell 44 percent to 224 million euros.

Management attributes the decline in revenues mainly to the cell phone sector and the dent in profits to fewer asset sales.

CEO Michael Tsamaz expressed confidence that fixed-line telephony would rebound. “Recovery [in this sector] is continuing, proven by a significant boost in the EBITDA margin, thanks to successful efforts in cost reduction,” he said.