ATHENS--Greece's former monopoly phone company, Hellenic
Telecommunications Organization SA (HTO.AT), or OTE, Thursday
reported a sharp drop in second quarter net income on the back of
intensifying competition and tough economic conditions.
MAIN FACTS:
-Second-quarter net income: EUR57.2 million (2012: profit
EUR94.6 million)
-Second-quarter revenue: EUR1.002 billion (2012: EUR 1.09
billion)
-Earnings before interest, taxes, depreciation and amortization,
or Ebitda: EUR346.6 million (2012: EUR380.2 million)
-Second-quarter basic earnings per share: EUR0.1167 (2012: EPS
EUR0.1930)
-Chairman and Chief Executive Officer Michael Tsamaz said:
"Despite MTR (mobile termination rate) cuts, intensifying
competition in broadband and mobile, continued tough economic
conditions and delays in obtaining regulatory clearance for
competitive offers, we have experienced a lower rate of revenue
erosion and boosted our operating profitability."
-Outlook: "The turnaround of our Greek fixed-line business is
well on track, with a sharp increase in EBITDA margin as our
initiatives to adjust our cost structure take hold."
Write to Stelios Bouras at stelios.bouras@dowjones.com
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