Sonaecom sees profits rise, but sales are down

30 Oct 2006

Portugal’s Sonaecom has reported a 47% jump in third-quarter net profit to EUR2.2 million. The firm attributed the rise to an improved operational performance and the implementation of cost-cutting measures. EBITDA was up 10.1% to EUR45.8 million, but sales dropped 3.2% to EUR214.5 million. Sonaecom’s cellular division Optimus claimed 2.5 million subscribers at the end of September, while fixed line subsidiary Novis had 336,500 customers. Sonaecom has received approval by the Portuguese competition authority to proceed with its EUR11.1 billion takeover of Portugal Telecom, although it still faces the task of persuading PT shareholders to accept its offer.

Portugal, Novis, Optimus (Clix), Optimus (Movel)