TEM Peru profits jump 184%

29 Oct 2008

Peruvian cellco TEM Peru, which operates under parent company Telefonica’s Movistar brand, recorded a net profit of PEN155 million (USD49.5 million) in the third quarter of 2008, up 184% compared to PEN54.4 million in 3Q07. Revenues for the three months ended 30 September 2008 totalled PEN882 million, a 33.2% increase compared to PEN663 million in the same period last year. At the end of the third quarter, Movistar Peru had approximately 12.2 million subscribers, an increase of 47.4% compared to 3Q07, of which 92% of were prepaid.