Cosmote reports flat profits despite revenue gains

OTE mobile unit Cosmote has recorded net income of EUR361.3 million for 2007, up by only 0.2% year-on-year. The cellco put the result down to the negative impact of higher capital expenditure and related financial and depreciation expenses. Total revenue by contrast grew sharply (28.5%) to EUR3.1 billion, thanks in part to better-than-expected group subscriber gains of 39%, to 15.5 million, exceeding its target of 15 million. Commenting on the results, Cosmote’s deputy CEO Michael Tsamaz said, ‘In 2007, the operating performance of all our units has been excellent, with market share gains providing tangible proof of our competitive strengths, while setting foundations for future growth.’ Cosmote has operations in Greece, Albania, Bulgaria, Macedonia (FYROM) and Romania.