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OTE Undergoes Second Quarter Losses

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OTE, which serves as the largest telecoms enterprise in Greece, revealed a second quarter loss.

The deficiency was a result of its financial incentive granted to employees that voluntarily resigned, and also due to the company's frail operations abroad. OTE spent 75 million euros on the voluntary resignation that was finalized in June, according to the company.

Germany's Deutsche Telekom manages and owns 40% of the Greek telecoms company. Deutsche Telekom confirmed that losses amounted to 3.6 million euros in the second quarter of this year, compared to last year's 69.3 million euro profit in the same timeframe. OTE's 2015 goal is to maintain a 0.5 billion euro cash flow.

(Source: Reuters)