OTE reports increased profits in Jan-Sept
Listed telecom OTE on Thursday announced an increase in profitability, FTTH subscribers, as well as TV and mobile contract customers, for the third quarter of 2023.
However, it announced a drop in group EBITDA due to weaker business in Romania.
OTE’s consolidated revenues were down 2.6% in the third quarter of 2023 to 881 million euros.
Revenues decreased by 2.2% to €811.8 million, as lower wholesale and a temporary drop in ICT revenues offset positive performances in mobile, broadband and TV.
In Romania, revenues were down 7.4% to €71.1 million, affected by mobile termination rate (MTR) cuts and customer-retention promotions in prior periods.
Total adjusted EBITDA in Greece rose 0.7% in the quarter to €348 million, yielding a margin of 42.9%, up sharply from 41.6% in the same period last year.
The increase in profitability despite the revenue drop was supported by successful cost-containment efforts in several areas.
Personnel costs were down 6.7%, mainly reflecting the early retirement program implemented earlier this year, alongside the three-year union agreement concluded last spring.
Energy costs also declined in the quarter; OTE renewed its energy-supply agreement for 2024.
The company also reduced bad-debt provisioning, consistent with the trends observed in recent quarters and in 2022.
