Latest results published by its parent company, the Greek incumbent OTE, also show that Q1 was the second consecutive quarter of strong revenue growth for Romtelecom’s fixed line services, with TV revenues increasing by 7% in the quarter.
Meanwhile in Greece, OTE TV, which is distributed via IPTV and satellite, ended Q1 with 278,742 subscribers, or 87% more than a year earlier. The OTE group as whole had revenues of €963.7 million (-0.3% year-on-year), while its EBITDA was €331.2 million (-3.1%) and net income €55.8 million (-66.5%).
Commenting on the Q1 results, Michael Tsamaz, chairman & CEO, said: “OTE started the year with a healthy first-quarter performance, consolidating the string of sequential advances posted since the beginning of last year. Group revenues, unchanged on a reported basis, were actually up slightly in comparable terms, driven by good top-line performances in our fixed-line businesses. Mobile operations in Greece, no longer burdened by an unfavorable base of comparison, continue to face intense competition, while in Romania MTR cuts did not become effective until the end of the first quarter. Group EBITDA benefitted from the outstanding performance in Greek fixed-line following last year’s voluntary retirement plan and sustained cost-control actions. The dip in free cash flow in the period, largely resulting from extraordinary taxation, will be reversed in coming quarters, leaving intact our full-year outlook.”
He added: “We are intensifying investments in our systems and contents, to build up the communications infrastructure in our markets, enhance and enrich customer experience, and strengthen our leadership positions. We are also investing in new talent to remain at the forefront of our industry in technical as well as commercial terms. We are confident that these initiatives will support our sales and profitability throughout the year.”