Portugal Telecom Net Profit Drops After Asset Sale In 2010

Portugal Telecom SGPS SA (PT) Thursday said its third-quarter net profit fell sharply, following the sale of a stake in Brazilian mobile telephone company Vivo Participacoes SA (VIV) to Spain's Telefonica SA (TEF) last year.

 
   MAIN FACTS:

-Net profit fell to EUR105.6 million in the third-quarter from EUR5.35 billion a year earlier. A Dow Jones Newswires poll of four analysts projected a net profit of EUR99.3 million.

-Revenue rose to EUR1.75 billion from EUR952.2 million during the same comparative period, bolstered by the consolidation of a 25.3% stake in Brazil's Oi, which PT bought earlier this year.

-Earnings before interest, taxes, depreciation and amortization, or Ebitda, rose to EUR654.2 million from EUR381.9 million.

-Contributed by Carla Canivete of Webtexto to Dow Jones Newswires; +34-91-395 8120; djmadrid@dowjones.com

Telefonica Brasil (NYSE:VIV)
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