ECONOMY

Wind Hellas Telecommunications…

Naguib Sawiris (pictured), an Egyptian billionaire who owns Wind Hellas Telecommunications, saw revenues and profits plummet at the Greek mobile phone operator in the second quarter of the year due to the recession and competition. Revenues dropped to 202.3 million euros from 216.9 million euros in the first quarter, while adjusted earnings before interest, tax, depreciation and amortization fell to 39.1 million euros, compared with 82.1 million euros a year earlier. A price war with rivals OTE and Vodafone to gain market share in the midst of the economic downturn may hurt profit further, the company said.