August 8, 2019 / 8:35 AM / 4 months ago

UPDATE 1-OTE Telecom second quarter profit up as Greek economy recovers

* Second-quarter core profit at 321.9 mln euros

* Greece adjusted EBITDA up 4.7% y/y

* Says implementing measures to improve performance in Romania (Adds detail, quotes)

ATHENS, Aug 8 (Reuters) - Greece’s biggest telecoms operator OTE posted a 1.7% rise in second-quarter core profit on Thursday as a recovery in its home market helped offset poor performance at its Romanian operations.

The former national monopoly, which is 45% owned and managed by Germany’s Deutsche Telekom, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 321.9 million euros ($360.75 million) for the quarter, up from 316.4 million euros a year earlier.

In Greece, where the economy has been recovering after a crippling debt crisis, adjusted EBITDA increased by 4.7%.

In Romania, profit fell 20%, hurt by a fall in revenues at both fixed line and mobile services. Performance in Romania was expected to stabilise after implementing one-off measures, the group said.

Sales rose 0.4% to 946.9 million euros.

It maintained its forecast for reported free cash flow of about 350 million euros for the full year. (Reporting by Renee Maltezou and Theodora Arvanitidou; Editing by Lefteris Papadimas and Deepa Babington)

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