Brazil helps PT sales

18 May 2006

A lower income tax provision has helped boost Portugal Telecom’s first-quarter net profit 16% to EUR210.9 million. While revenues rose from EUR1.45 billion to EUR1.57 billion year-on-year, EBITDA dropped from EUR619 million to EUR587.4 million. Revenue growth was helped by a strong performance at PT’s Brazilian mobile subsidiary Vivo, which saw a 32% increase in sales to EUR523 million. Vivo claimed 30.14 million subscribers at the end of March, up from 26.96 million a year earlier. PT’s domestic mobile unit TMN claimed 5.32 million customers at the same date, up from 5.09 million in March 2005.