Greece’s OTE Q1 net profit drops 27.6 pct

May 13 Greece’s biggest telecoms operator OTE posted on Wednesday a 27.6 percent drop in first quarter net profit, hurt by stricter tax treatment.

OTE, which is 40 percent owned and managed by Germany’s Deutsche Telekom, said net profit came in at 40.4 million euros ($45.45 million) in the first three months of the year, down from 55.8 million euros in the same period in 2014.

The figure was below an average analysts’ forecast of 45.3 million euros in a Reuters poll.

Excluding the impact from the tougher tax treatment and costs from voluntary redundancy schemes, net profit dropped 6.3 percent to 53.9 million euros.


Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.