ECONOMY

Greece’s OTE post Q2 net loss, books one-off cost

greece-amp-8217-s-ote-post-q2-net-loss-books-one-off-cost

Greece's biggest telecoms operator OTE on Thursday posted a second quarter loss due to the one-off cost of a voluntary redundancy scheme and weak performance at its foreign operations.

OTE, which is 40 percent owned and managed by Germany's Deutsche Telekom, said the loss came in at 3.6 million euros ($3.9. million) in the second quarter, versus a profit of 69.3 million in the same period last year.OTE said it booked a 75 million euros cost for a voluntary redundancy scheme which was completed at the end of June.

The company reiterated its target for free cash flow of 0.5 billion euros this year.

[Reuters]