OTE net profit down 43% in Q4 on redundancy costs

Thursday 28 February 2013 | 10:36 CET | News
Greek operator OTE reported fourth-quarter net profit down 43 percent to EUR 43.7 million, hurt by a one-time charge of EUR 123 million for a voluntary redundancy programme. The loss of over 1,500 employees under the programme is expected to save the operator EUR 80 million a year. EBITDA was down 34 percent year-on-year to EUR 269.6 million, and revenues fell 9.1 percent to EUR 1.13 billion due to continued economic weakness and termination rate cuts in Greece and its other eastern European markets. Capital expenditures amounted to EUR 228.0 million in Q4, including spectrum licenses for EUR

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.


Already registered?

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: General
Companies: Cosmote / OTE
Countries: Eastern Europe / Greece
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


OTE improves margins despite 11.4% fall in quarterly sales

Published 08 May 2013 10:05 CET | Greece
Greek operator OTE reported a further drop in results in the first quarter, hurt by tough competition and termination rate cuts. ...

Cosmote Romania service revenues down 9% in Q4

Published 28 Feb 2013 16:26 CET | Romania
Cosmote Romania saw its revenues drop by 9.9 percent to EUR 113.7 million in the fourth quarter. Service revenues declined by 8.9 ...

RomTelecom revenues down 8% to EUR 150 mln in Q4

Published 28 Feb 2013 16:07 CET | Romania
RomTelecom saw its total revenues decline in Q4 2012 by 8.0 percent to EUR 149.6 million. In the quarter, wholesale revenues ...

Globul service revenues down 21% in Q4 2012

Published 28 Feb 2013 15:45 CET | Bulgaria
Bulgarian mobile operator Globul saw its total revenue in Q4 2012 decrease by 12.9 percent compared to the same period last year ...

Deutsche Telekom meets FY targets, Q4 revenue down 1.4%

Published 28 Feb 2013 08:43 CET | Germany
Deutsche Telekom reported 2012 results down in line with its outlook and reiterated its forecasts for increased investment in the ...

OTE to sell satellite unit to Arabsat for EUR 208 mln

Published 08 Feb 2013 09:04 CET | Greece
Greek operator OTE has agreed to sell its satellite unit Hellas Sat to Saudi Arabia-based Arabsat for EUR 208 million. The deal ...

OTEGlobe increases FY revenues 0.7%, EBIT by 9%

Published 06 Feb 2013 14:32 CET | Greece
OTEGlobe showed continued growth in 2012, despite the unstable domestic and international macroeconomic environment. Revenue at ...

OTE to raise EUR 700 mln through 5-year fixed coupon notes

Published 01 Feb 2013 11:44 CET | Greece
OTE has completed the bookbuilding process for the issue of EUR 700 million in 5-year fixed rate notes with an annual coupon of ...

OTE concludes private bond exchange agreement

Published 17 Jan 2013 15:56 CET | Greece
Greek operator OTE concluded under its GMTN programme a private bond exchange agreement by which it will exchange EUR 187 million ...

OTE completes voluntary exit scheme

Published 08 Jan 2013 08:32 CET | Greece
Greek operator OTE has completed its two-tranche voluntary exit scheme, launched in November 2012 in the context of the company's ...

Cosmote launches 4G smartphones

Published 27 Dec 2012 13:36 CET | Greece
Greek operator Cosmote launched commercial LTE services for internet access via a mobile phone. Cosmote offers three smartphones ...

OTE Group announces changes in top management

Published 27 Dec 2012 12:53 CET | Greece
Greek operator OTE has announced organisational changes at the OTE Group General Financial Division from 01 January 2013, where ...

OTE launches VDSL at up to 50Mbps

Published 26 Nov 2012 15:44 CET | Greece
Greek operator OTE announced the commercial launch of its VDSL service, offering download speeds of up to 50 Mbps. OTE enriched ...

OTE receives bank commitments regarding loan extension

Published 12 Nov 2012 13:18 CET | Greece
Greek operator OTE exercised the one-year extension option embedded in its EUR 900 million syndicated bond loan of 9 February ...

OTE announces Greek fixed-line voluntary exit scheme

Published 12 Nov 2012 12:49 CET | Greece
Greek operator OTE announced the launch of a voluntary exit scheme offered to certain employees of its Greek fixed-line ...

OTE plans more job cuts as Q3 sales fall 10%

Published 09 Nov 2012 09:30 CET | Greece
Greek operator OTE reported third-quarter revenues down 10.2 percent to EUR 1.18 billion, hurt by the weak economy in Greece and ...