OTE Undergoes Second Quarter Losses
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)
Tagged under
Related items
-
Tsipras's new party surges past PASOK to become Greece's leading opposition force
-
Shay Gal: The Hellenic Navy teaches Israel one hard lesson: how to read Turkish pressure through islands, straits, air-sea seams, and escalation thresholds.
-
Joint naval exercise between Greece and Cyprus off Larnaca and Limassol
-
Beleris on incidents in Albania: Greek properties are being encroached on to build the hotel
-
The six times Americans saw UFOs in Greece, three of them on video – What the files released by the Pentagon say