August 9, 2018 / 7:38 AM / a year ago

UPDATE 1-OTE Telecom Q2 core profit grows as Greece recovers

(Adds details, CEO comment)

ATHENS, Aug 9 (Reuters) - Greece’s biggest telecoms operator OTE said on Thursday its second-quarter core profit rose by 1.6 percent, 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) compared to 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.

“In our home market, our high-speed fibre infrastructure, recognised for its quality and reliability, is attracting growing customer numbers and fuelled broadband revenue growth of nearly 10 percent,” Chief Executive Michael Tsamaz said.

OTE’s mobile data revenue at home registered double-digit growth. In Romania, the improvement in its mobile business more than offset a decline in fixed-line telephony.

Overall sales grew 2.2 percent year-on-year in April-to-June to 959.1 million euros, OTE said, expecting positive trends seen in the first half to continue in the remainder of the year, particularly in Greece. ($1 = 0.8629 euros) (Reporting by George Georgiopoulos and Lefteris Papadimas; editing by David Evans)

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