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Greece's OTE telecom reports 19 percent drop in 3rd quarter net profit

From The Associated Press, November 5, 2009 - 10:40 AM

Greece's OTE telecom reports 19 percent drop in 3rd quarter net profit

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ATHENS, Greece (AP) - OTE, Greece's dominant telecoms operator, said Thursday its net profit fell 19 percent in the third quarter from a year earlier because of the international financial crisis.

The company — its full name is the Hellenic Telecommunications Organization — said it had net profit of euro163.1 million ($240.8 million) in the quarter, compared to euro201.3 million ($297.1 million) in that period last year.

Germany's Deutsche Telekom owns 30 percent of OTE shares.

"Our Group turned in a resilient performance this quarter, as the countries of Southeast Europe felt the full brunt of the economic crisis that had hit their western and northern neighbors earlier in the year," OTE Chairman and CEO Panagis Vourloumis said.

OTE shares were up 1 percent at euro11.52 ($17) in late trading on the Athens Stock Exchange.

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On the Net:

OTE: http://www.ote.gr