QS Communications (QSC) has announced its financial results for the three months ended 31 March 2011, reporting the successful continuation of its transformation from a network operator to a provider of ICT services. The company said that revenues generated from network operator products, such as call-by-call and ADSL2+, declined by EUR7.8 million (USD11.2 million) compared to the first quarter of 2010 to EUR28.9 million, while sales from IP-based products and services increased by EUR7 million to EUR76.2 million over the same period. As a result, in Q1 2011 QSC’s ICT business generated 73% of its total revenues, compared to 65% in the first three months of 2010. Overall, revenues in the first quarter of 2011 totaled EUR105.1 million, down slightly from EUR105.9 million twelve months previously, although the firm’s earnings before interest, tax, depreciation and amortisation (EBITDA) improved from EUR19.6 million to EUR20.5 million and operating profit increased from EUR3.9 million in Q1 2010 to EUR8.1 million a year later. QSC said consolidated net income more than doubled to EUR6.5 million in the first three months of 2011, compared to EUR3.2 million a year earlier.