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General

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

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Categories: General
Companies: Cosmote / OTE
Countries: Eastern Europe / Greece
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