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Panafon Hellenic Tel (PFHD)

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Tuesday 29 February, 2000

Panafon Hellenic Tel

Nine Month Report

Panafon Hellenic Telecom Co S.A.
29 February 2000



PANAFON ANNOUNCES STRONG PROFITABLE GROWTH FOR THE 9 MONTH
               PERIOD ENDING DECEMBER 1999

According to consolidated financial statements based on the
      Greek Generally Accepted Accounting Principles *

     Revenue               :    GRD  211.9 bn   +24.7%
     EBITDA                :    GRD   89.6 bn   +27.3%
     Profit before tax     :    GRD   63.1.bn   +32.7%


PANAFON Hellenic Telecommunications Company S.A. ('PANAFON'),
the  leading  provider  of  mobile  telecommunications  in
Greece,  announces  today strong growth  in  revenues  and
profits  for the 9 MONTH period of the 1999/2000 financial
year (1/4/1999 - 31/12/99). **

Revenues  increased by 24.7%, to GRD  211.9  bn  over  the
comparative   period,   while  EBITDA   (earnings   before
interest, tax, depreciation and amortisation) increased to
GRD 89.6 bn. This represents an increase of 27.3% over the
comparative previous period, when EBITDA was GRD 70.4  bn.
EBITIDA  margin stands at 42.3%, from 41.4% in the  period
1/4/98-31/12/98. Income before tax amounted to GRD 63.1 bn
compared to GRD 47.5 bn in the respective previous period,
representing an increase of 32.7%.

During  the period 1/4/99 to 31/12/99, Panafon invested  GRD
40.8  bn  in  the  expansion and upgrading of  its  network,
raising  the total amount invested to date to GRD  237.4  bn
(including the initial cost of the license).

These results highlight the strength and ability of Panafon to
produce  outstanding  results in an environment  of  intense
competition.  Panafon continues to report  strong  financial
growth and profitability.

Panafon's success in all fields ensures that the market leader
of  the  Greek  mobile telecommunications  market  continues
growing and adding value to its shareholders-



* These financial results are drawn up in accordance with the
Greek  Generally Accepted Accounting Principles (GAAP),  and
are  published  by Panafon as an obligation  to  the  Athens
Stock Exchange. Panafon will announce financial results  for
the  Financial  Year (1/4/1999 to 31/3/2000), in  accordance
with  the International Accounting Standards (IAS),  at  the
end of May 2000.

**  Panafon's  financial year-end has changed to  31  March.
Panafon  will therefore announce 12 month financial  results
each year for the period from 1 April to 31 March.


Contact. George Stefanopoulos
Panafon S.A., Tel:  +301 6160061

Lulu Bridges
Tavistock Communications, Tel:  +(44) 171 600 2288

Nicholas Bornozis

Capital Link, Tel: + (1) 212 661 7566


NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA
OR JAPAN
This press-related material does not constitute or contain
an offer or solicitation of an offer of securities in the
United States or elsewhere.  The securities are not being
registered  under  the Securities  Act  and  may  not  be
offered  or sold in the United States absent registration
or an exemption from registration.
This  document may only be issued or passed in the United
Kingdom to a person who is of a kind described in Article
11(3)  of  the  Financial Services Act  1986  (Investment
Advertisements) (Exemptions) Order 1996 (as  amended)  or
is  a  person to whom the document may otherwise lawfully
be issued or passed on.


                                                                                                                                                                                              

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