November 7, 2019 / 8:33 AM / 13 days ago

UPDATE 1-Greek telecom firm OTE quarterly profit up as home market grows

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ATHENS, Nov 7 (Reuters) - Greece’s biggest telecoms operator OTE posted a 3.8% rise in third-quarter core profit on Thursday thanks to growing business in its home market.

The former national monopoly, 45% owned and managed by Deutsche Telekom, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 375.7 million euros ($416 million), up from 361.8 million euros a year earlier.

In Greece, where the economy has been growing modestly after a crippling debt crisis, OTE said it would benefit further from its investments in advanced data networks.

Adjusted EBITDA in Greece rose by 5.9% thanks to robust demand for fixed broadband services, more than offsetting declining profit in Romania were a turnaround plan has started bearing fruit.

OTE reiterated its outlook for free cash flow of 350 million euros for the full year.

$1 = 0.9030 euros Reporting by Angeliki Koutantou; Editing by Edmund Blair

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