OTE’s stabilising trend continues in Q1

9 May 2014

Greek full-service operator OTE, 40% owned and managed by Germany’s Deutsche Telekom, has reported that its consolidated revenues continued stabilising in Q1 2014, falling by 0.3% year-on-year to EUR963.7 million (USD1.340 billion), which it said was helped by ‘strong’ Greek fixed network division performance. Consolidated EBITDA at the group, which includes Romania’s RomTelecom plus ‘Cosmote’ mobile units in Greece, Romania and Albania, fell by 3.1% year-on-year to EUR331.2 million in the first three months of 2014. Michael Tsamaz, OTE’s chairman and CEO, stated that ‘outstanding’ performance in Greek fixed line operations following last year’s voluntary retirement plan and sustained cost-control actions drove the results. Fixed network operations in Greece saw revenues fall 4.6% y-o-y to EUR371.3 million in 1Q14, while Greek mobile turnover dropped 5.9% over the same period to EUR294.7 million on difficult economic conditions and heightened competition. Mobile operations in Romania posted a 9.2% quarterly revenue increase to EUR118.2 million, and Albanian cellular turnover climbed by 7.1% to EUR19.5 million. ‘Other’ group revenue was up by 10.4% y-o-y to EUR104.2 million in the quarter ended 31 March. Excluding the contribution of Hellas Sat in the year-ago quarter (after the satellite unit was deconsolidated from 26 March 2013), OTE’s group revenues were up 1% in the latest quarter.

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