OTE posts lower profits

Greek telecom giant OTE reported a 37% drop in fourth-quarter net profit, and announced plans to cut more than 3,500 jobs over three years, an Associated Press report said.

 

The report said the company's net profit fell to €37.1 million ($44 million) in the three months to December 31 from €58.9 million ($69.8 million) a year earlier.

 

The result came despite strong growth in revenue from mobile operations and a stronger performance of its domestic fixed-line business, the report said.

 

The report said OTE attributed the fall in net profit to a number of one-off items, including a tax credit recorded in the fourth quarter of 2004.

 

For all of 2005, OTE posted a net loss of €294.1 million ($348.6 million) compared with a net profit of €171.3 million ($203 million) in 2004 after the company took a €912.9-million ($1.08-billion) charge in the third quarter to cover a voluntary redundancy program, the report said.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.