17 December 2017
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OTE reports 1,7% drop in 2Q2017 revenues

03 August 17 - RE+D Magazine
OTE reports 1,7% drop in 2Q2017 revenues

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Dimitris Andritsos

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OTE Group on Thursday said its consolidated revenue fell 1.7 pct to 938.8 million euros in the second quarter of 2017, compared with the same period last year, with revenue in Greece falling 1.4 pct to 687.7 million euros.

 

OTE attributed this development to a decline in revenue from a "Rural Broadband" project, soon to be completed, and lower revenue because of a decline in LLU wholesale prices and despite an increase in revenue from fixed and mobile telephony services. Revenue from broadband services rose significantly along with a rise in revenue from TV services.

In Romania, revenue fell 2.6 pct, hit by a decline in mobile telephony income, while fixed-telephony income grew 1.4 pct.

Operating expenses totaled 633.9 million euros in the second quarter, down 2.7 pct from the same period in 2016. EBITDA grew 1.0 pct to 313.9 million euros. In Greece, adjusted EBITDA grew 1.5 pct, in Romania adjusted EBITDA rose 5.9 pct and in Albania, adjusted EBITDA dropped 60.4 pct. Income tax totaled 39.8 million euros in the second quarter, down 1.5 pct from 2016, while adjusted earnings after minorities totaled 40.8 million euros, up 6.5 pct from 2016.

Adjusted investments on fixed assets in the March-June period totaled 223 million euros, up 61.5 pct from last year. Free cash flows totaled 49.9 million euros, while adjusted net borrowing of the Group was 500 million euros, down 28 pct from 2016.

Mihalis Tsamaz, chairman and CEO of the Group, commenting on the results said: "Second quarter performance was satisfactory. We continue investing dynamically in solutions to cover customers' needs and for future development.

We are convinced this is the right approach as Greece shows signs of recovery". OTE expects first half trends to remain almost unchanged in the remaining of the year, expecting adjusted free cash flows of around 250 million euros in 2017.

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