ADVFN - Advanced Financial Network.
HOME» NYSE » H » OTE Stock Price » OTE Stock News

Hellenic Telecommunications Share News

 Hellenic Telecommunications Organization S.a. Stock Price
OTE Stock Price
 Hellenic Telecommunications Organization S.a. Stock Chart
OTE Stock Chart
 Hellenic Telecommunications Organization S.a. Stock News
OTE Stock News
 Hellenic Telecommunications Organization S.a. Company Information
OTE Company Information
 Hellenic Telecommunications Organization S.a. Stock Trades
OTE Stock Trades

Greece's OTE Lowers 2009 Dividend As Part Of Cost-Cutting

ATHENS -(Dow Jones)- Greece's incumbent phone operator, Hellenic Telecommunications Organization SA (OTE), said Monday it would cut its 2009 dividend as part it efforts to restrain costs and in light of Greece's protracted economic and fiscal crisis. In a statement to the Athens stock exchange, OTE said it would propose a lower 2009 dividend to EUR0.19 per share to shareholders at its annual general meeting on June 16. Earlier this year, the company had originally proposed an EUR0.50 per share dividend. "Given the change in circumstances as a result of the austerity measures which have been introduced as a consequence of the financing problems faced by the country, as well as the continuing uncertainty about macroeconomic developments, (OTE) has decided... to intensify its efforts to save on outlays," the company said in the statement. After months of turmoil in the financial markets and facing rising borrowing costs, the Greek government last month agreed to an EUR110 billion loan package from the European Union and the International Monetary Fund. In exchange for the loan, however, the government has adopted a three-year austerity and reform plan that includes new taxes on companies and steep public sector spending cuts. The measures are seen weighing on consumer spending and pushing the economy into a deep recession this year. On May 12, OTE reported a 76% drop in first-quarter net profit to EUR65.8 million on weak sales and higher taxes. -By Alkman Granitsas, Dow Jones Newswires; +30 210 331 2881; [email protected]

Stock News for Hellenic Telecommunications (OTE)
No Recent News Available

Hellenic Telecommunications and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations