ATHENS Feb 27 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.
(Reporting by Harry Papachristou; Editing by Greg Mahlich)