Cosmote & Zapp reach higher revenues together but profits go downhill

Telecom company Cosmote, majority owned by Greek OTE, posted revenues of EUR 114.8 million in the first quarter of the year in Romania, witnessing an increase of 13 percent on the same period of last year. The data includes the revenues generated by the Zapp subsidiary. The group's profit in Romania was however down 56 percent, to EUR 6.6 million, according to the group's most recent financial report. Without Zapp's contribution to the in profit, the drop would have been of only 27 percent, according to the company. Cosmote and Zapp together have 7.1 million clients in Romania, a country with a population of 21 million people. The number of clients went up 17 percent on last year and it includes the Zapp customers as well. Cosmote's CEO for Romania is Stefanos Theocharopoulos (in picture). Cosmote bought Zapp last year in a deal worth a total of EUR 207 million, which included Zapp's debt.