OTE Q2 profits rise 17% on mobile income

Greek carrier OTE's profit increased 17% in the second quarter, mainly due to an increase in mobile revenue, an Associated Press report said.

Net profit reached €159.3 million ($235.2 million) during that period, compared with €136.6 million ($201.7 million) in the second quarter of 2007, the report added.

Revenue was €1.59 billion (US$2.35 billion) during that time, compared with €1.55 billion (US$2.29 billion) in the same period last year.

Total fixed-line revenue totaled €646.8 million (US$955.1 million) in the second quarter, down 3% from that period in 2007. Mobile revenue were €794.2 million (US$1.17 billion), up 8%.

'Our mobile operations achieved dynamic growth and market share gains in all countries,' OTE chairman and CEO Panagis Vourloumis, quoted by the Associated Press report, said.

In May, the Greek government and Deutsche Telekom struck a deal on sharing OTE ownership and management control.

Under the agreement, which Greece's parliament ratified in June, the government and Deutsche Telekom will each control 25% plus one share of OTE.