Greek telecoms firm OTE passes on paying dividend for second year
ATHENS Feb 27 (Reuters) - OTE, Greece's biggest telecoms company, said on Wednesday it will not pay a dividend for the second year in a row, as it saves cash to repay debt and cope with the country's recession.
OTE, 40-percent-owned by Germany's Deutsche Telekom , is expected to announce on Thursday it made a net profit last year of 457.2 million euros, up from 119.7 million the previous year, according to analysts polled by Reuters.
But despite the rise in profits the company continues cutting costs and selling assets in the race to repay about 1.6 billion euros ($2.1 billion) of debt maturing in 2013-2014.
OTE has paid a dividend in 15 of the last 18 years, according to Reuters data.
"The company's board of directors will propose no dividend distribution for the fiscal year 2012 at the annual general shareholders meeting," it said in a bourse filing. ($1=0.7628 euros) (Reporting by Harry Papachristou; Editing by Greg Mahlich)