Hellenic Telecoms Q2 Net Income Down Sharply

ATHENS--Greece's former monopoly phone company, Hellenic Telecommunications Organization SA (HTO.AT), or OTE, Thursday reported a sharp drop in second quarter net income on the back of intensifying competition and tough economic conditions.

MAIN FACTS:

-Second-quarter net income: EUR57.2 million (2012: profit EUR94.6 million)

-Second-quarter revenue: EUR1.002 billion (2012: EUR 1.09 billion)

-Earnings before interest, taxes, depreciation and amortization, or Ebitda: EUR346.6 million (2012: EUR380.2 million)

-Second-quarter basic earnings per share: EUR0.1167 (2012: EPS EUR0.1930)

-Chairman and Chief Executive Officer Michael Tsamaz said: "Despite MTR (mobile termination rate) cuts, intensifying competition in broadband and mobile, continued tough economic conditions and delays in obtaining regulatory clearance for competitive offers, we have experienced a lower rate of revenue erosion and boosted our operating profitability."

-Outlook: "The turnaround of our Greek fixed-line business is well on track, with a sharp increase in EBITDA margin as our initiatives to adjust our cost structure take hold."

Write to Stelios Bouras at [e-mail]

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