OTE net earnings up in Q2

OTE net earnings up in Q2

OTE, the former state-owned Hellenic Telecommunications Organization, announced Thursday that the group’s consolidated revenues decreased by 3.0% in the second quarter (April-June 2020) to €918.2 million.

In Greece, revenues were down 3.8% to €692.3 million, mainly due to the impact of the coronavirus pandemic on the mobile segment. In Romania, revenues were down 1.0% at €228.9 million.

The group’s adjusted earnings before interest, taxes and asset depreciation were up 0.8%, the result of a sharp reduction in operating expenses.

The group’s reported operating profit before interest and taxes was €137.7 million, much higher than the €19.6 million during the same period in 2019, which reflected goodwill impairment charges related to its Romanian mobile operations.

OTE posted strong net additions in retail broadband customers in the quarter, totaling 44,000, to reach 2.080 million. Broadband penetration has now reached 78% of OTE’s fixed customer base. Penetration of high-speed fiber broadband service continued to make progress, fueled by growing demand from households; net additions totaled 53,000 in the quarter.

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