OTE Telecom core profit down 2.6 percent, Romania hurts

ATHENS: Greece’s biggest telecoms operator OTE on Thursday posted a 2.6 percent drop in fourth-quarter core profit as weakness in Romania more than offset growth in its home market.

The former national monopoly, which is 45 percent owned and managed by Germany’s Deutsche Telekom, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 325.2 million euros ($369.30 million) compared to 333.8 million euros in the same quarter a year earlier. ($1 = 0.8806 euros) (Reporting by Angeliki Koutantou)