OTE's first-quarter profit rises on strong Greek mobile business, cost savings

Hellenic Telecommunications Organization SA

05/05/2023 08:53

ATHENS, May 5 (Reuters) - OTE Group  OTEr.AT , Greece's
biggest telecoms operator, reported a 4.6% rise in first-quarter
net profit thanks to cost containment and its growing Greek
mobile business.
    Net profit came in at 135.3 million euros ($149.28 million),
up from 129.4 million euros in the first quarter last year.
    OTE, majority owned and managed by Deutsche Telekom
 DTEGn.DE , said revenues dropped by 2% to 803.6 million euros,
as strong mobile services in Greece were offset by weak
wholesale and fixed telephony operations.
    However, "strict cost discipline" boosted profits.
    OTE said it would continue investing in fast fibre broadband
connections to homes and in 5G services to deal with
competition, which is seen toughening for the rest of the year. 
    The company said it expected to grow as a major system
provider in Greece and the European Union, thanks to the ongoing
disbursement of the post-pandemic recovery funds.  

($1 = 0.9064 euros)

 (Reporting by Angeliki Koutantou; Editing by Bradley Perrett
and Jane Merriman)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))