OTE drop slows in Q3, profit soars after Bulgaria sale

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Greece's biggest telecoms company OTE reported on Thursday its smallest revenue drop in five quarters, a decline by 5.1% to 1.040 bln euros, helped by improved performance of its operations.

"We achieved another solid set of results in the third quarter, with the smallest drop in group revenues since the beginning of the current round of Mobile Termination Rate (MTR) cuts," CEO Michael Tsamaz said.

Net income surged by 149% to 252.6 mln euros, helped by the sale earlier this year of its Bulgarian unit Globul, which allowed the company to cut its net debt by 42% since the beginning of the year. OTE is a unit of Germany's Deutsche Telekom.

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