Telemig reports net income hike, despite deflated revenues

8 Nov 2004

Brazilian cellco Telemig Celular has posted a net income of BAR55.6 million (USD19.7 million) for the three months to the end of September 2004, a rise of almost 11% on the corresponding period of 2003. The gains were made despite a 1% fall in overall revenues to BAR274 million (against the same period of 2003), and an 11% decrease in average revenue per user (ARPU) from the previous quarter. The company said EBITDA was down 8.4% to BAR114 million (from 3Q 2003) due to increased customer costs following a 3% hike in subscribers to 2.596 million over the three months.

Brazil, Telemig Celular