ECONOMY

OTE posts 2 percent fall in Q3 core profit

Greece’s biggest telecom operator OTE posted a 2 percent fall in third-quarter core profit on Thursday, hurt by lower network revenues in Romania and competition in its austerity-hit home market.

Earnings before interest, tax, depreciation and amortisation excluding restructuring and other costs fell to 371.1 million euros in the quarter from 379 million euros a year earlier. That was broadly in line with analysts’ average forecast of 365.1 million euros in a Reuters poll.

Net profit fell 72 percent to 69.1 million euros, hurt by an unfavourable comparison to third-quarter profit last year that included a 154 million-euro gain from the sale of Bulgarian mobile unit Globul.

Revenues were down 5 percent to 987.6 million euros with lower revenues from its mobile business partly offset by stabilising fixed-line and fast-growing pay TV operations in Greece. [Reuters]