OTE Group reports slightly increased revenues in Q2 2023

OTE Group on Thursday reported increased revenues of 2.4 percent in the second quarter of 2023, along with adjusted EBITDA up by 0.9 percent.

OTE cited successful efforts in cost-cutting and reduced operational expenditures, allowing for a strong profit margin of 40.9 percent.

The number of subscribers was up 7 percent, reaching 65-percent market share penetration.

In commenting on the results, OTE chairman and CEO Michael Tsamaz noted that “…We pursued our trajectory of steady progress with positive momentum in the second quarter. OTE achieved significant performance improvements in the Greek market, which, as we had expected, witnessed increased competitive pressures. Another solid increase in mobile service revenues offset the drop in fixed resulting from customer-retention initiatives.

“Our fiber deployment is on track, and we are pleased with FTTH subscriber take-up, nearly double the penetration level reached one year ago, on a much larger base. “In a more supportive macroeconomic environment, we expect similar trends to continue in the second half of the year. We will maintain strict cost discipline to sustain our profitability and deliver on our commitments,” he said.