Telmex fails to make gains for ninth consecutive quarter

Incumbent operator Teléfonos de Mexico (Telmex) said that there was little change in its sales for the first three months of 2004, the ninth straight quarter in which it has failed to increase its revenues. Sales remained static at MXP29 billion (USD2.6 billion), though there was a 6% gain in net profit thanks to a rise in the Mexican currency. The telco is now looking to offset stagnation in its domestic market by looking abroad for investment opportunities, and used the release of its financials to announce that it was close to completing the purchase of an 80% stake in Argentine broadband service provider Techtel Corp.