OTE Group on Thursday said its revenue grew 3.5 pct and adjusted EBITDA rose 4.3 pct in the fixed-telephony business in the first quarter of 2017.
Consolidated turnover was 929 million euros in the January-March period, up 0.1 pct from the same period in 2016, reflecting higher fixed-telephony revenues in Greece and Romania. Adjusted EBITDA eased 1.7 pct to 304.1 million euros. Adjusted earnings totaled 38.2 million euros, up 4.1 pct from 2016, while investments grew 12.3 pct to 185 million euros. The Group reported negative adjusted free cash flows of 11.3 million euros in the three-month period, while adjusted net borrowing was 600 million euros, down 33 pct from the same period last year.
In Greece, revenue grew 0.9 pct to 685.4 million euros. Earnings remained unchanged with the adjusted EBITDA margin at 38.8 pct. OTE announced a record 33,000 new subscibers in the VDSL service in the first quarter, while Cosmote TV customers grew by 2,000 to 505,000 and mobile telephony customers totaled 7.7 million, up 3.4 pct from the same period in 2016. Mobile telephony services fell 1.2 pct in the quarter, while revenue from data services grew 19 pct.
In Romania, adjusted EBITDA eased 4.4 pct, hit by increasing competition in the mobile telephony business, while in Albania adjusted EBITDA dropped 81 pct.
Mihalis Tsamaz, chairman and CEO of OTE Group, commenting on the results said the group has focused on a further improvement of its services offering solutions specially adjusted to customer needs. Our strategy proved right for one more quarter, as significant investments in optic fiber offered results.