Romtelecom's revenues shrink 3.3%, profits down 20%

Telecom operator Romtelecom saw its revenues shrinking by 3.3 percent in the first quarter of the year in Romania, compared to the same period of last year, the company has announced. Its revenues reached EUR 194.8 million in the first quarter. The drop was higher for the EBITDA, which went down 20 percent, to EUR 59.3 million. “The profitability rate was affected during this quarter by the significant growth in costs generated by content and by the increase in provisions,” said Yorgos Ioannidis, general manager of Romtelecom (in picture). The company's number of customers for landlines services declined by 8 percent during this period, but it managed to increase the number of customers on its other business segments – satellite TV and internet services. Romtelecom is majority owned by OTE Group, which also owns Cosmote and Zapp networks in Romania.