Romtelecom's revenues down to EUR 166 mln in first quarter in Romania

Telecom company Romtelecom's revenues in the first quarter of the year dropped by 10.9 percent, to EUR 166.3 million, while its EBITDA went down by as much as 62.6 percent, to EUR 22.2 million. These were caused by a limited level of consumption and by very aggressive offers on the market. “The financial results for the first quarter of this year show a stabilization compared to the same quarter last year. [..] We hope that, once the economy will start to recover in the coming months, we will see the positive effects in the evolution of demand for the telecommunication services,” said Yorgos Ioannidis, executive director of Romtelecom. He mentioned the company managed to increase the number of its Internet customers by 24.5 percent compared to the same period of 2010 and by 14.9 percent the number of TV customers. “We have made considerable efforts to keep the costs under control- the operational costs went down by 3 percent during this quarter, and to find new ways to increase productivity, to server a higher number of customers with a reduced number of employees,” Ioannidis went on. The company saw the number of landline accounts down 5 percent, to 2.5 million, compared to the end of March last year. Romtelecom is owned by Greek OTE, which also controls mobile telephony operator Cosmote. editor@romania-insider.com