x

Economy

OTE Reports Strong Performance in Greece

ATHENS — OTE Group on Wednesday reported strong performance in Greece which led to an increase in adjusted EBITDA by 1.6 pct in the first quarter of 2021. In an announcement, OTE Group said that revenue in Greece totaled 717 million euros, up 1.4 pct from the same period last year, while consolidated group turnover eased 1.2 pct to 787.9 million euros in the January-March period.

Adjusted EBITDA grew 1.6 pct to 301.2 million euros, with adjusted EBITDA at 38.2 pct, up 100 basis points from the same period in 2020. In Greece, adjusted EBITDA grew 3.5 pct to 298.3 million euros and adjusted EBITDA margin was 41.6 pct. Group operating earnings rose 3.9 pct to 158.8 million euros, with free cash flows totaled 162.8 million euros, up 55.1 million from the first quarter of 2020. Adjusted net borrowing was 925.3 million euros, unchanged from March 2020. OTE reported a record in net new fibre-optic services connections totaling 1.005 million euros.

The board will seek shareholders' approval for a plan to pay a 0.68 euro dividend per share to shareholders.

Commenting on the results, Chairman & CEO Michael Tsamaz said: “We are pleased to deliver a very solid start to the year. While we were running against a strong first quarter 2020 that was still largely unscathed by the pandemic, we managed to increase revenues in Greece, and actually improved our EBITDA and margin. OTE is back on the growth track, supported by continuing demand for our services, our technological lead, and our cost efficiencies…The year 2021 will be pivotal for the Greek economy, as the country emerges from the crisis by investing strategically in the modernisation of its public and private infrastructure, and in the digitisation of its processes across the board. OTE is more than ever ready to contribute to this transformation, having made significant headway in its own mutation and reinforced its organisation. We are confident that we will continue to build on this strong early performance and achieve a solid 2021 for the benefit of our customers, employees, shareholders and the Greek economy and society.”

RELATED

ATHENS - In more bad news for Greek consumers facing sticker shock at rising olive oil prices in supermarkets, estimates for the 2024 crop show it will be only 150,000-170,000 tons instead of the expected 200,000.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

‘Without Us, You Don’t Eat’: Greek Farmers Ride Some 200 Tractors to Athens to Demand Financial Help (Vids)

ATHENS — Greek farmers rode Tuesday some 200 tractors to the capital, Athens, demanding financial help from the government as cost of living spiked in the Mediterranean country.

KANSAS CITY, Mo — Missouri prosecutors said Tuesday that two men have been charged with murder in last week’s shooting that killed one person and injured 22 others after the Kansas City Chiefs’ Super Bowl parade.

WASHINGTON — The White House says it is preparing additional “major sanctions” on Russia in response to opposition leader Alexei Navalny's death in an Arctic penal colony.

SAVANNAH, Ga.— Attorneys suing a Georgia county over zoning changes that they say threaten one of the South's last Gullah-Geechee communities of Black slave descendants asked a judge Tuesday to let them correct technical problems with their civil complaint to avoid having it dismissed.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.