Telecoms Operator OTE Q2 Core Profit Rises

Greece‘s biggest telecoms operator OTE posted a 1% rise in second quarter core profit on Thursday, helped by an increase at its domestic mobile business for the first quarter in five years.

OTE, the former national monopoly now 40%-owned and managed by Germany’s Deutsche Telekom, has lost market share to smaller rivals in recent years.

A sluggish economy after a seven year debt crisis and three international bailouts has also dented operations.

But hefty spending in new high-speed VDSL broadband services and a fast-growing pay-TV business have helped the group win back fixed-line customers.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 313.9 million euros ($371.9 million) in the three months to June, up from 310.9 million euros a year earlier.

EBITDA from Greek mobile operations rose 3% to 99.9 million euros, accounting for about 32% of the group’s total core profit. OTE had about 7.7 million customers in its home mobile business in June, a 1.7% rise in a year.