The Romanian mobile phone network Romtelecom recorded an 18.7 million Euros profit, up 43.5% in the first quarter of 2006 compared to Q1 last year, while revenue reached 222.8 million Euros, down 2.3%, according to the financial results announced by the Romtelecom majority shareholder the Greek group OTE.

The drop in the revenue figure comes from the drop in the subscriptions, sales and revenue from pre-paid services.

The number of phone lines dropped 10.4% in Q1, from 4.2 million subscriptions in Q1 2005, to 3.8 million.

The company employs 13,093 persons but personnel expenses dropped 43.1%, hence the profit.

Debts also dropped to 126.1 million Euros from 148.4 million Euros last year during the same time.

OTE Group holds 54.01% of the Romtelecom shares.