Latin operations boost profits for TM and TIM

28 Jul 2004

Spanish mobile holding company Telefonica Moviles has reported a net profit of EUR889 million (USD1.07 billion) for the first half of 2004, an increase of 14% year on year. Revenues stood at EUR5.29 billion at the same date, up 14%, with Latin American revenues accounting for 26% of the total, or EUR1.38 billion, a rise of 19.3% in the year. Its Brazilian operation, Vivo, generated 53% of Latin American revenues, claiming 23.5 million subscribers at the same date, while its Mexican unit contributed 22% with 4.08 million subscribers, Argentina 10.6% with 2.19 million and Peru 8.5% with 1.79 million; its operations in Guatemala and El Salvador claimed a total of 531,000 subscribers.

Meanwhile Telecom Italia Mobile (TIM) has also had its 1H results boosted by its Latin American operations. Net revenues in Brazil increased by 47% to EUR800 million (USD964 million), with revenues in Peru and Venezuela also increasing by 22.4% and 11% to EUR71 million and EUR80 million respectively.

Spain, Telefonica Moviles Group, TIM International