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OTE's first-quarter profit rises on strong Greek mobile business, cost savings

Reuters
·1-min read

ATHENS (Reuters) - OTE Group, Greece's biggest telecoms operator, reported a 4.6% rise in first-quarter net profit thanks to cost containment and its growing Greek mobile business.

Net profit came in at 135.3 million euros ($149.28 million), up from 129.4 million euros in the first quarter last year.

OTE, majority owned and managed by Deutsche Telekom, said revenues dropped by 2% to 803.6 million euros, as strong mobile services in Greece were offset by weak wholesale and fixed telephony operations.

However, "strict cost discipline" boosted profits.

OTE said it would continue investing in fast fibre broadband connections to homes and in 5G services to deal with competition, which is seen toughening for the rest of the year.

The company said it expected to grow as a major system provider in Greece and the European Union, thanks to the ongoing disbursement of the post-pandemic recovery funds.

($1 = 0.9064 euros)

(Reporting by Angeliki Koutantou; Editing by Bradley Perrett and Jane Merriman)