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OTE Confirms Net Income Increase

Today OTE confirmed a 21% net income increase in the year's second quarter, as the economy of Greece begins to progress.

The nation's leading telecom corporation which is directed and 40% owned by German firm Deutsche Telekom, revenue decreased 5.2% to 950.6 million euros, according to the company and reported by Kathimerini.

OTE referenced "intense competitive pressure", along with cutbacks in Romania; the telecom company also has branches in Romania and Albania. Its net income increased 21% year-on-year to 69.3 million euros from 57.2 million euros in the same timeframe last year, according to Reuters.