PT presents first set of post-Vivo results; adjusted revenues up 0.3%

4 Nov 2010

Portugal Telecom (PT), Portugal’s largest fixed line operator by subscribers, has reported revenues of EUR952.2 million (USD1.34 billion) for the three months ended 30 September 2010. This figure represents a 0.3% increase from the EUR949.3 million generated during the same period one year earlier. EBITDA for Q3 dropped 3.8%, from EUR396.8 million to EUR381.9 million, while net income declined 20.2% from EUR206 million to EUR164.5 million. The company has adjusted all historical 2009 figures to exclude its former Brazilian interest Vivo, dismissing it as a ‘discontinued operation’. Vivo was sold to Telefonica for USD9.8 billion in July 2010.

PT’s fixed line division saw its revenue increase by 0.1%, from EUR481.1 million to EUR481.6 million year-on-year, but its wireless unit TMN saw revenues slump 10.5%, from EUR397.9 million to EUR355.9 million. In operational terms, PT now claims 2.69 million PSTN retail accesses, a 2.5% drop from 2.76 million year-on-year. Its ADSL retail accesses increased 18.7%, from 812,000 to 964,000, whilst its TV customer base saw the largest increase of all of its domestic interests, rising 52.3%, from 505,000 to 769,000. TMN recorded a 3.4% increase in subscribers, from 7.07 million to 7.31 million.