Greece's OTE Telecom Says 1Q Net Profit Up 89 Pct

ATHENS, Greece (AP) — Greece's dominant telecoms operator OTE said Thursday its net profit rose 89 percent in the first quarter of 2009, mainly due to a government share transfer that offset part of the cost of an early retirement program.

OTE said its net profit reached euro266.7 million ($355.3 million) in the January-March period, compared to euro141.1 in the first quarter of 2008.

The company said profit was boosted by a euro200 million transfer of state-owned OTE shares to a state pension fund, under the provisions of a past OTE voluntary retirement deal. ...