11 May 2021

OTE Telecom, Greece’s biggest telecoms operator said that revenue would start growing from the second half of the year as coronavirus vaccinations gather pace and transport restrictions are lifted.

The firm, which is 46% owned and managed by Deutsche Telecom, said core earnings (EBITDA) were almost flat at €1.22bn (US$1.48bn) last year.

Revenues came in at €3.26bn, down 1.3% year-on-year, as global restrictions to slow down the spread of Covid-19 and a weak summer tourist season hit both roaming and its mobile business.

With vaccinations accelerating and tourism, a key growth driver for the Mediterranean country, seen reopening later this year, OTE said it expected a “progressive but measured” return to better operating conditions and revenue growth from the second half. 

The operator, which has launched 5G services, said it would continue to focus on growing data usage.