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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Hellenic Telecommunication Organization SA (PK) | USOTC:HLTOY | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.53 | 6.85 | 7.47 | 152 | 21:14:29 |
From Jun 2019 to Jun 2024
ATHENS--Greece's former monopoly phone company, Hellenic Telecommunications Organization SA (HTO.AT), or OTE, Friday said third-quarter net profit rose slighty due to cost cuts, adding it expects revenue to remain pressured due to challenging markets.
MAIN FACTS:
-Revenue for the third quarter dipped 10.2% year-on-year to EUR1.18 billion (2011: EUR1.31 billion)
-Third-quarter net profit was EUR109 million versus a profit of EUR107.7 million a year earlier.
-Third-quarter earnings per share was EUR0.22 (2011: EUR0.21)
-The company said focus on cash flow generation led to considerable improvements compared to prior periods as it cut net debt by a further EUR212 million during the quarter, adding up to a reduction of over EUR1 billion in the past 12 months.
-OTE reduced net debt to EUR3 billion at the end of Sept, from EUR3.8 billion at the end of last year.
-Chairman and Chief Executive Michael Tsamaz: "We are making rapid progress with our refinancing plans, having already received commitments for roughly half a billion euros of our syndicated loan, and are fully confident that all components will be in place on schedule by the end of the first quarter of 2013."
-Outlook: OTE expects revenues in the final months of 2012 to remain under pressure as a result of challenging economic conditions, intense competition and regulatory termination cuts in several markets. Stringent implementation of cost-containment programs should enable OTE to further mitigate the impact of revenue declines on its profitability and financial performance, it added.
Write to Stelios Bouras at stelios.bouras@dowjones.com
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