OTE, Greece’s leading Telecom Company, has announced a drop in both revenue and profits from last year, according to the Kathimerini. It reported a 20.8% drop in group operating profits last year, with revenues shrinking 1.3%. However, it reported improving subscriber numbers in key areas, including cellphone, broadband and television subscriptions in Greece.
OTE chief executive Michalis Tsamaz said that in the fourth quarter in Greece “we achieved solid top-line performances in our fixed and mobile operations, offset by lower international wholesale.”
Despite the results, OTE, which was founded in 1949, expects overall positive revenue trends to continue in the current year, arguing in its statement that “the recovering economic environment in Greece should provide a favorable background to its activities in fixed and mobile telecommunications, with growth in mobile data, broadband and pay-TV offerings expected to continue. The extended reach of advanced data networks, in both fixed and mobile, drives increased customer reliance on OTE services, supporting its revenue base.”