Sonaecom net profit plummets

2 Nov 2009

Portuguese telco Sonaecom has reported a 67.7% year-on-year drop in net profit for the third quarter of 2009, down from EUR4.2 million (USD6.18 million) in 3Q08 to EUR1.4 million a year later. This was however an improvement on the previous quarter, when the firm reported net profit of EUR1.2 million. Sonaecom attributed its falling profits to a drop in revenues which outweighed cost-cutting measures. Revenues for the period amounted to EUR235 million, down from EUR251.3 million a year earlier. Operating costs, meanwhile, fell to EUR188 million for the three months ended 30 September 2009, down from EUR197.7 million in the same period of 2008. The company saw its wireline customer base decline by over 100,000 year-on-year, to 513,822 at the end of September 2009. Meanwhile Sonaecom’s wireless arm, Optimus, added 268,600 net new customers, ending the third quarter of 2009 with 3.33 million cellular subscribers.

Portugal, Optimus (Clix), Optimus (Movel)