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PT results rise 10% driven by Vivo

In the first three months of the year, Portugal Telecom recorded a 10.5% growth in revenues, which stood at 1.77 billion euros, exceeding analysts’ expectations. EBITDA had a more modest growth, of 5.1.

Even so, the telecommunications operator’s profits ended up dropping almost 40%, to 100.3 million euros, also above analysts’ forecasts.

The positive contribution to PT’s results came mainly from international business, especially from Vivo, but also from MTC in Namibia and from Dedic, PT’s contact center and outsourcing business in Brazil.

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In the national market, TMN’s weaker performance, impacted by the reduction in equipment sales and lower revenues per customer, ended up having a negative weight in the results, despite the performance of the fixed network business having improved, in comparison with the last quarter of 2009.

In the mobile network, TMN ended the quarter with 7,264 thousand customers, an increase of 11 thousand subscribers compared to the end of 2009, accompanied by an increase in traffic compared to the first quarter of 2009. But the average revenues per customer continue to fall , now standing at 14.7 euros, more than 1 euro below the value recorded in the first three months of 2009 and 1.5 euros below the year average.

In relation to the weight of data in mobile service revenues, this stood at 23.3%, up from last year.

In the fixed network, the change in the recognition of contractual penalties lowered revenues, which continue to be supported in the performance of the offer triple play the Meo service, which runs counter to the network disconnection rate, which dropped to 14 thousand in the first quarter from 30 thousand in the same period. Pay-TV now has 646 thousand customers.

ADSL service customers also grew 19.8%, reaching 901 thousand customers and the average revenue per customer in the fixed network grew compared to the first quarter of last year, standing at 30.3 euros, even so a just below the value of the fourth quarter, which was 30.4 euros.