Hellenic Telecommunications Organisation (OTE), the incumbent Greek full-service telecoms provider, has announced consolidated results for the third quarter and nine months ended 30 September 2011. Looking at year-on-year trends in the quarter, group revenues dropped by 5.8% to EUR1.313 billion (USD1.801 billion), EBITDA fell by 6.2% to EUR464 million, operating income (EBIT) declined by 9.6% to EUR207 million and net income shrank by 17.3% to EUR104 million. CAPEX spending across the group increased slightly year-on-year, by 1% to EUR171 million in July-September 2011
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OVETEL Rate of decline slowing at OTE
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