ATHENS, Nov 9 (Reuters) - Greece’s biggest telecoms company OTE reported an unexpected rise in profit in the third quarter due to cost cuts, despite the country’s recession.
Net profit stood at 109.0 million euros ($138.7 million) from 104.4 million euros in the same year-ago period, said the company, which is controlled by Germany’s Deutsche Telekom . This compares to an average 92.4 million euro analyst forecast in a Reuters poll.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.4 percent to 430.1 million euros, also above analysts’ 423.6 million euro forecast.
Sales, however, dropped 10 percent to 1.18 billion euros, below an average 1.20 billion euro sales forecast. ($1 = 0.7857 euros) (Reporting by Harry Papachristou)