OTE Undergoes Second Quarter Losses
- Written by Maria Athens
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
-
The 22nd Annual Capital Link Invest in Greece Forum: "Greece – Looking Ahead With Confidence"
-
Two Greeks, one a baby, among car attack fatalities in Trier, Germany
-
Ankara did not like the EU sanctions resolution
-
Greece ranks 5th in top tourism brands
-
Number of American students studying in Greece shows steady rise, according to institute data
