OTE Group reports 8% increase in Q2 turnover

OTE Group on Thursday reported an 8.0% increase in its revenue on strong Greek operations and said its adjusted EBITDA rose 6.9% in the second quarter of 2021. The group said it maintained its commitment to paying its shareholders 480 million euros this year.

In an announcement, OTE Group said that continuing recovery in Greece, with positive performances across the board, helped favorably compared to the pandemic-impacted second quarter of 2020. Mobile service revenue was up 7.4%, OTE said, adding that broadband was supported by demand for higher speeds.

The group also reported improving trends in Romania Mobile, with Adjusted EBITDA up 26.4%.

Chairman & CEO Michael Tsamaz, commenting on the results, said: “ We achieved a strong second quarter in Greece, compared with a period last year that was severely impacted by the health crisis. We experienced positive momentum across all KPIs and revenue streams, including an early recovery in visitors roaming as travel gradually resumes. Operating trends also improved in Romania, where we received conditional approval for the disposal of our fixed operations. We delivered solid EBITDA improvements in both Romania and Greece, and a substantial increase in cash flow.”

He added, “The continuing recovery and modernization of the Greek economy, the quality of our technological infrastructure, our people expertise, and the positive trends in the year to date reinforce our confidence for 2021, as we stand well prepared for future challenges.”