Portugal Telecom (PT), Portugal’s largest fixed line operator by subscribers, has reported revenues of EUR6.147 billion (USD8.200 billion) for the twelve months ended 31 December 2011. This figure represents an increase of 64.3% compared to the EUR3.742 billion generated during 2010. EBITDA for the year grew 46.7%, from EUR1.492 billion to EUR2.188 billion, while CAPEX increased 53.3% to EUR1.224 billion. PT says that CAPEX was primarily directed towards the rollout of its burgeoning fibre-to-the-home (FTTH) network and TV service, as well as investments in Long Term Evolution (LTE) deployment. Net income for the period slumped 94.0% to EUR339 million, with PT blaming the drop on ‘proportional consolidation of the assets and liabilities’ related to the simultaneous March 2011 acquisitions of a 25.3% stake in Brazilian telco Telemar Norte Leste (Oi) and a 14.1% stake in Brazilian contact centre Contax.