Spin-off hits PTM profit

17 Oct 2007

Portugal Telecom (PT) subsidiary PT Multimedia (PTM) has reported a 31.8% drop in third-quarter net profits, from EUR16.9 million (USD23.2 million) to EUR11.5 million. The fall has been attributed to costs associated with PTM’s spin-off from PT, which is due to be completed early next month. Revenues for the three months to the end of September were up 7.5% year-on-year to EUR176.9 million. The firm claimed 1.52 million cable TV customers at the end of September, an increase of 70,000 in twelve months. The number of broadband internet subscriptions rose by 38,000 over the year to reach 387,000.

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