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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; alkman.granitsas@dowjones.com

Stock News for Hellenic Telecommunications (OTE)
DateTimeHeadline
09/02/201009:46:38Telekom Austria:No Interest In Minority Stake Of Telekom Srbija
08/05/201004:00:18OTE Swings to Net Loss Hit By Greek Economy And Taxes
06/23/201009:56:17Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ
06/15/201009:34:10Greece, China Sign New Commercial Contracts; MOU On Shipping
06/11/201008:10:28Hellenic Telecoms CEO To Face Criminal Prosecution - Source
06/07/201005:13:35Greece's OTE Lowers 2009 Dividend As Part Of Cost-Cutting
05/12/201001:45:57Deutsche Telekom Swings To Net Profit, Sales Slightly Lower
04/26/201005:57:08EARNINGS PREVIEW: European Telcos' Mobile Revenue To Improve
03/17/201009:33:51Deutsche Telekom Expands Services To Tap New Revenue Streams
11/05/200912:50:12Deutsche Tel, Telcom Italia Beat Views But Weak Points Remain
11/05/200903:26:06Deutsche Telekom 3Q Net Profit Up 7.2% On Cost Savings
11/05/200901:44:05Deutsche Telekom 3Q Net Profit Up 7.2%, Keeps 2009 View
11/03/200907:38:07EARNINGS PREVIEW: OTE 3Q Net Profit Seen -21%
10/23/200908:00:03EARNINGS PREVIEW: European Telcos 3Q Mixed; Pressure On Revenue

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