Telecomunicacoes de Sao Paulo (Telesp), which is controlled by Telefonica of Spain, recorded net profit of BRL647.4 million (USD227 million) in the three months to 30 September 2010, up 7.2% from the same period of 2009, partly the result of a rise in local service revenue. Third-quarter net revenue topped BRL5.38 billion, up from BRL5.36 billion a year ago, while earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 10% to BRL1.29 billion. The EBITDA margin, a key indicator of profitability, narrowed to 32.6% from 36.8% previously. Telesp reported CAPEX of BRL547 million in the period under review, compared to BRL500 million in 3Q09.
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