Meanwhile, its retail pay-TV revenues slumped by 11.5% during the year to €88,122,000 and pay-TV business revenues grew by 29.6% to €24,588,000. Revenues from advertising rose by 14% as a result of the continuous upgraded content of Nova TV’s programme. The company’s total revenues fell by 4% to €285.2 million and EBITDA was 5.3% higher at €42,346,000.
Commenting on the results, CEO Panos Papadopoulos said: “In 2018 we recorded EBITDA growth of 5.3% on an annual basis, despite the over-taxation of the Greek pay-TV sector and the unfair competition we face from multinational companies operating in the Greek pay -TV market.
“Our positive results are due to the successful implementation of the company’s operational restructuring plan, which has reduced fixed costs and improved our operating performance. Our strategic decision for the wholesale distribution of our premium sports and cinematic content to final customers through more pay-TV providers in Greece and Cyprus, continues to bear fruit and strengthens our strategic positioning in the pay-TV sector in Greece and Cyprus.
“Recent decisions by the Greek Regulatory Authority and the European Commission, that support our views regarding the wholesale price framework for Mobile Virtual Network Operators (MVNOs), constitute a Game Changer development for our company. For the first time, the necessary conditions exist enabling us to develop a viable business by offering to consumers mobile services under competitive terms, and covering thus in an integrated manner the needs of Greek households for communication services and home entertainment”.