ECONOMY

OTE Q3 sales drop slows, profit soars on sale of Bulgarian unit

Greece’s biggest telecoms company OTE reported on Thursday its smallest revenue drop in five quarters, helped by improved performance of its operations.

Sales declined by 5.1 percent to 1.040 billion euros ($1.41 billion) the company said in a statement.

“We achieved another solid set of results in the third quarter, with the smallest drop in group revenues since the beginning of the current round of Mobile Termination Rate (MTR) cuts,” its Chief Executive Officer Michael Tsamaz said.

Net income surged by 149 percent to 252.6 million euros, helped by the sale earlier this year of its Bulgarian unit Globul, which allowed the company to cut its net debt by 42 percent since the beginning of the year. OTE is a unit of Germany’s Deutsche Telekom. [Reuters]