first_imgOTE expects the economic downturn to impact its second-half performance after cost-cutting drove a 68 per cent jump in second-quarter profit. “For the second half of the year, we do not foresee any material improvement in the operating environment of the markets in which the group operates,” chief executive Michael Tsamaz, appointed by 40-per cent-owner Deutsche Telekom to cut costs, said on Thursday. “The challenging economic conditions…will adversely impact our financial performance,” he said. The former monopoly has been bleeding clients as austerity-hit customers at home and in Romania, its second biggest market, switch to cheaper rivals. OTE said on Thursday second-quarter net profit jumped to 104.5 million euros, helped by cost cutting. Sales dropped 5.2 per cent to 1.19 billion euros and earnings before interest, tax, depreciation and amortisation (EBITDA) gained 5 per cent to 416.7 million euros. OTE shares were up 2.4 per cent at 0740 GMT. Source: Reuters, L.E. Facebook Twitter: @NeosKosmos Instagramlast_img read more