PT posts 5.5% drop in Q2 sales

14 Aug 2013

Portugal Telecom (PT) has reported operating revenues of EUR1.539 billion (USD2.04 billion) for the second quarter of 2013, a decrease of 5.5% from EUR1.629 billion in the year-ago period, while first-half sales dropped 7.5% year-on-year to EUR3.092 million, mainly due to the impact of the depreciation of the Brazilian real against the euro (EUR173 million) and revenue decline in the telco’s domestic business. Revenue from the Portuguese operations totalled EUR645.5 million in the three months ended 30 June 2013, a decrease 4.8% year-on-year, and domestic sales were down 5.8% to EUR1.280 billion in H1 2013, impacted by pricing and competitive pressure and by the challenging macroeconomic environment. Turnover at Brazilian telco Oi was EUR694.4 million in Q2 2013 (a decrease of 7.9% year-on-year) and EUR1.418 billion in the first six months of the year (down 8.0%), primarily due to the impact of the depreciation of the real against the euro. Other international assets saw their operating revenues grow 1.3% from EUR197.3 million in 2Q12 to EUR199.9 million a year later. PT said that consolidated EBITDA fell 13.8% in 1Q13 and by 10.9% in the six month period to EUR490.6 million and EUR1.141 billion, respectively. The decrease was mainly due to lower income from operations, the depreciation of the real and an increase in commercial costs at Oi. Net income amounted to EUR284.0 million in 1H13 compared to EUR123.1 million twelve months earlier, due to the gain recorded in connection with the sale of Companhia de Telecomunicacoes de Macau (CTM) and higher non-recurring gains.

In its domestic market, PT reported a total of 7.690 million mobile customers at the end of June 2013 (an increase of 4.2% from 7.380 million a year earlier), 2.579 million PSTN/ISDN accesses (down 1.4%), 1.268 million broadband subscribers (up 8.5%) and 1.270 million pay-TV customers (up 9.8%). Brazilian personal mobile customers increased 3.8% from 45.198 million at the end of June 2012 to 46.896 million twelve months later and enterprise mobile clients climbed 9.2% year-on-year to 2.834 million. Residential fixed broadband lines in Brazil grew 10.2% year-on-year to 5.296 million as of 30 June 2013, while residential fixed lines slipped 3.9% to 12.242 million.

Portugal,Oi, Pharol (formerly Portugal Telecom SGPS [PT SGPS]),

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