OTE expects improvement from the year’s second half

OTE Telecom, Greece’s biggest telecoms operator, said on Friday that revenue would start growing from the second half of the year as coronavirus vaccinations gather pace and transport restrictions are lifted.

OTE Telecom, which is 46% owned and managed by Deutsche Telecom, said core earnings (EBITDA) were almost flat at 1.22 billion euros last year. Revenues came in at €3.26 billion, down 1.3% year on year, as global restrictions to stem the spread of Covid-19 and a weak summer tourist season hit roaming and its mobile business.

With vaccinations accelerating and tourism, a key growth driver for Greece, seen reopening later this year, OTE said it expected a “progressive but measured” return to better operating conditions and revenue growth from the second half.

OTE, which has launched 5G services, said it would continue to focus on growing data usage. (Reuters)