August 9, 2018 / 7:22 AM / 3 months ago

OTE Telecom Q2 core profit grows as Greece recovers

ATHENS, Aug 9 (Reuters) - Greece’s biggest telecoms operator OTE grew second-quarter core profit by 1.6 percent, the group said on Thursday, helped by a recovery in its home market.

The former national monopoly, which is 45 percent owned and managed by Germany’s Deutsche Telekom, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 319 million euros ($369.7 million) from 313.9 million euros in the same quarter a year earlier.

Heavy spending on new high-speed VDSL broadband services and a fast-growing pay-TV business have helped the group win back fixed-line customers in Greece. Sales grew 2.2 percent year-on-year in April-to-June to 959.1 million euros. ($1 = 0.8629 euros) (Reporting by George Georgiopoulos and Lefteris Papadimas)

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