Greece's Hellenic Telecom Net Profit Up on Asset Sale But Revenue Slips

By Alkman Granitsas

ATHENS--Greece's Hellenic Telecommunications Organization SA (HTO.AT) said Thursday its net profit more than doubled in the third quarter thanks to the sale of its Bulgarian unit, but otherwise saw its overall revenues continue to slide.

The company, a unit of Germany's Deutsche Telekom AG (DTE.XE), said net profit rose to 252.6 million euros ($341.4 million) from EUR101.3 million a year earlier, boosted by a EUR160 million pre-tax gain on the sale of Globul in Bulgaria.

But revenue for the July to September period slipped 5.1% to EUR1.04 billion from a year earlier, while earnings before interest, taxes, depreciation and amortization, or Ebitda, was down 7.3% at EUR368.8 million.

"Facing a challenging environment and continued intense competition in all our activities and markets, we effectively defended our positions," Michael Tsamaz, chairman and chief executive officer, said in a statement.

"With net debt down by more than 40% since the beginning of the year, as well as good top-line and cost-control momentum, we expect to finish the year on a solid footing," he added.

Write to Alkman Granitsas at [e-mail]

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