Strong 4Q at PT

18 Feb 2009

Portugal Telecom (PT) doubled net profits in the fourth quarter of 2008 on the back of a strong performance at its Brazilian wireless subsidiary Vivo. Net profit for the final three months of 2008 reached EUR143.8 million, up from EUR71.8 million a year earlier. Sales for the period rose 5.1% to EUR1.70 billion. For the full year 2008 net income dropped from EUR741.9 million to EUR581.5 million following a 38% rise in CAPEX for the year, though operating revenues grew by 9.5% in 2008 to EUR6.73 billion. Sales at the Brazilian operations were up 23.3% on 2007, reaching EUR3.11 billion. In its domestic market the number of PSTN lines in service fell 6% in 2008 to 2.82 million, though the total number of accesses rose 3% to 4.3 million on the back of growth at the broadband internet division. The Portuguese mobile operator TMN ended 2008 with 6.94 million customers, up 10.9% from twelve months earlier, while Vivo added 7.47 million net new users in 2008 to take its customer base to 44.95 million.