Cosmote leads the pack on strong growth
Greece’s largest mobile phone company, Cosmote, is reporting strong subscriber growth despite maturing market conditions and an increasingly competitive landscape. Cosmote Deputy CEO Michalis Tsamaz said the company’s growth path is «evident» in a challenging environment that is also marked by lower termination rates. «The group’s upward path is evident not only in our growing market share but also in our revenue increase and strong profitability,» Tsamaz told Kathimerini English Edition. In the first quarter of this year, Cosmote – already present in five countries – added 622,000 and 260,000 new subscribers to its client lists in Romania and Greece respectively. Cosmote, which is wholly owned by OTE, reported a 13.2 percent year-on-year rise in group first-quarter net income to 84.5 million euros on revenues of 747.3 million euros. Analysts pointed out that Cosmote captured about 76 percent of new additions in the Greek market. «We highlight that the healthy domestic mobile performance has partially been achieved at the expense of Vodafone Greece and Wind Greece,» investment bank Lehman said in a note. Data showed Vodafone and Wind increased their subscribers by 22,000 and 58,800 respectively.
