Greece’s OTE Telecom posts 21 pct profit rise in Q2

Greece’s biggest telecoms company OTE on Thursday reported a 21 percent rise in profit in the second quarter as the country’s austerity-hit economy stabilized.

Revenue at the firm, which is 40-percent-owned and managed by Germany’s Deutsche Telekom, fell 5.2 percent to 950.6 million euros ($1.27 billion), OTE said in a bourse filing, citing cuts in Romania and “intense competitive pressure.”

OTE also has operations in Romania and Albania.

Net income rose 21 percent year-on-year to 69.3 million euros from 57.2 million euros in the year earlier period. [Reuters]