Portugal Telecom 2Q Net Profit Gains On Brazilian Revenue
August 05 2010 - 3:36AM
Dow Jones News
Portugal Telecom SGPS SA (PT) said Thursday its second-quarter
net profit rose 83% as higher revenue from its key Brazilian market
offset weakness in the beleaguered Portuguese market.
PT, Portugal's biggest telecommunications company by market
capitalization, said net profit increased to EUR164.2 million from
EUR90 million a year earlier.
Revenue rose 17% to EUR1.91 billion, while earnings before
interest, tax, depreciation and amortization increased 11% to
EUR663.6 million.
The company's biggest source of revenue is Brazilian mobile
company Vivo Participacoes SA (VIV), which it controlled jointly
with Spain's Telefonica SA (TEF) until July. Due to a stronger real
and growth in the Brazilian market, PT's revenue in the quarter
from Brazil rose 38% to EUR1.10 billion.
Last month, PT sold its stake in Vivo for EUR7.5 billion and
used roughly half of the funds to buy a stake in Brazilian
telecommunications company Oi (TMAR5.BR).
In its home market of Portugal, PT's revenue fell 1% to EUR798
million.
Besides Portugal and Brazil, Portugal Telecom has smaller
operations in Angola, Cape Verde, Mozambique, Namibia and East
Timor.
-By Jason Sinclair, Dow Jones Newswires; +34-91-395 8127;
jason.sinclair@dowjones.com;
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