Telekom Romania saw a 9.5% year-on-year increase in its revenues in the first quarter.
However, its TV subscriber total fell by 10.1% over the same period.
Results released by its parent company OTE show that the Romanian incumbent had revenues of €237.1 million in Q1, as opposed to €216.6 million a year earlier.
Growth was driven by primarily by the completion of major ICT related projects and higher wholesale.
Although retail revenues were 2.2% lower year-on-year at €56.5 million they are improving every quarter, fuelled by strong broadband performance, and are expected to return to positive growth.
Adjusted EBITDA After Lease amounted to €33.8 million, or 31.5% more than a year earlier.
Telekom Romanian had 1,267,082 TV subscribers at the end of March and lost 52,914 in the quarter. The only segment that showed year-on-year growth was FMC, with the number of subscribers increasing by 10.7% to 856,660.
Meanwhile in its home market Greece, OTE ended Q1 with 556,696 TV subscribers, or 3% more than a year earlier.
OTE Group as a whole had revenues of €941.1 million in Q1, up 3.6% on a year earlier. Adjusted EBITDA was €347.1 million (+3.6%) and adjusted profit €103.2 million (+66.7%).
In its outlook, the group said: “While the COVID-19 outbreak could negatively impact OTE Group revenues in Greece and Romania in Q2 20, the Company intends to implement stringent cost-reduction measures across all areas, to maintain its profitability and cash flow generation in 2020. OTE is set to pursue its journey of digitisation and transformation, aiming to become even more agile, efficient and customer focused. Management reiterates its 2020 Adj. CAPEX (€600 million), adjusted Free Cash Flow (€610mn), and reported FCF (€350 million) objectives”.
