Telesp profits soar on broadband success

19 Feb 2004

Sao Paulo wireline operator Telesp has reported profits of BRL1.59 billion for 2003, up 47.6% from 2002, thanks primarily to a surge in the popularity of its Speedy broadband internet service. The company said broadband customers increased by over 45% to 484,000, more than compensating for falling revenues from its traditional fixed line offering. At the end of 2003 Telesp had 12.3 million lines in service, down from 12.5 million twelve months previously. Telesp is 87.35% owned by SP Telecomunicaçoes Holding, which in turn is owned by Telefónica Internacional (96.52%) and Telefónica (3.48%).