Telecom Argentina doubles net income in first quarter

9 May 2008

Telecom Argentina has reported that it more than doubled first quarter net income year-on-year, reaching ARS272 million (USD86 million), following a 21% hike in consolidated revenues to ARS2.5 billion. EBITDA rose 28% to ARS879 million. Fixed telephony profitability weakened for the year due to frozen tariffs and the inflation effect on costs. However, this was more than offset by an 18% increase in wireless subscriber numbers to 12.6 million and a 60% rise in broadband customers to 841,000. On a separate but related note, Telecom Italia has an option to increase its stake in Sofora Telecomunicaciones, the holding company that owns 55% of Telecom Argentina, to 52% from 50% in 2009 for USD7 million.

Argentina, Telecom Argentina (incl. Cablevision)