ECONOMY

Voluntary exit scheme inflicts Q2 losses on OTE

voluntary-exit-scheme-inflicts-q2-losses-on-ote

OTE, Greece’s biggest telecoms operator, reported a second-quarter loss this week, hit by the one-off costs of a voluntary redundancy scheme, but said its domestic business was holding up relatively well despite the economic crisis, reporting little change in its domestic revenues in the quarter.

OTE also said continued investment would help it deal with the adverse impacts of the crisis and it was still expecting to generate free cash flow close to 500 million euros this year, but only if the current restrictions on using cash are lifted.

[Reuters]