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Markets News

UPDATE 1-OTE Telecom quarterly profit edges up, Romania offsets COVID-19 hit

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ATHENS, Nov 12 (Reuters) - OTE Telecom, Greece’s biggest telecoms operator, reported a 0.9% rise in third-quarter core profit on Thursday as strong Romanian operations offset the impact of COVID-19 pandemic at its home market.

OTE Telecom, which is 46% owned and managed by Deutsche Telecom, said core earnings (EBITDA) reached 376 million euros ($443.19 million) in the July-to-September period, up from 372.8 million in the same period last year.

Strong growth in Romania and Greek broadband operations have offset lower revenue from roaming and the Greek mobile business, hurt by a weak summer tourism season due to the COVID-19 restrictions, it said.

A second lockdown that Greece imposed last week due to a surge in COVID infections is seen hurting operations in the fourth quarter. However, the impact is seen more “subdued” due to a lower exposure to tourism in winter months, OTE said.

OTE will continue “stringent” cost saving to support profits and cash flow, which is expected to reach 350 million euros this year, it added. ($1 = 0.8484 euros) (Reporting by Angeliki Koutantou; editing by David Evans)

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