OOTTEE QQ33 pprrooffiitt sseeeenn ddoowwnn 33..77%%
Telecoms giant OTE is expected to post a 3.7% drop in third-quarter core profit on Thursday, hurt by lower network revenues in Romania and competition at home.
OTE, 40%-owned and managed by Deutsche Telecom, also has operations in Albania. Earnings before interest, tax, depreciation and amortisation (EBITDA) are seen dropping to 365.1 mln euros in the third quarter from 379 mln euros in the same period last year. Net profit is seen down 73% at 68.4 mln euros.
Last year’s third-quarter profit was boosted by a 154 mln-euro gain from the sale of its Bulgarian mobile unit Globul.
Sales are expected to be down 5% to 987 mln euros with lower revenues from its mobile business partly offset by stabilising fixed-line and fast-growing pay-TV operations in Greece.
The company’s shares have lost 3% so far this year, outperforming a 20% drop in the ASE general index over the same period.