PT Q3 results

13 Nov 2008

Portugal Telelcom (PT) reported results for the third quarter to 30 September 2008. Net income fell by 23% year-on-year to EUR184.8 million (USD231.9 million), while operating revenues were EUR1.78 billion, up from EUR1.57 billion in the same period twelve months earlier, driven by growth at mobile arm TMN, and Brazilian interest Vivo. EBITDA stood at EUR668.3 million, compared to EUR578.9 million in the three months to 30 September 2007. Capex was EUR332.4 million, from EUR189.6 million year-on-year, equating to 18.6% and 12% of revenues respectively.

The operator ended the third quarter with 4.23 million main accesses, down 2.2% on the same period last year. However, retail net additions in the three months reached 89,000, as a result of significant take-up of its pay-TV service Meo, both through IPTV and satellite. Year-to-date net additions to the pay-TV service reached 191,000 with PT reaching 211,000 customers by the end of September 2008. PT’s domestic mobile operator, TMN ended the quarter with 6.73 million subscribers, up 12.1% year-on-year. Average revenue per user (ARPU) declined from EUR20.6 to EUR18.5, while data as a percentage of service revenues rose to 20.8% from 15.8% twelve months previously, a 32.6% increase. Brazilian mobile operator Vivo recorded operating revenues of BRL4.29 billion (USD1.91 billion) in the quarter driven by strong growth in customers and data services. It ended September with 42.3 million subscribers and claimed 30% market share. Vivo concluded the acquisition of Telemig in April 2008, and Vivo’s results include Telemig.

Portugal,PT Portugal (MEO),

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