Portugal Telecom’s annual results, revealed this morning, exceeded analysts’ expectations, showing an 18.7% rise in profits, to 684 million euros, even in a year of crisis. The sale of the Moroccan Meditel boosted the positive results of 2009, generating a financial gain of 267 million euros.
Despite the rise in profits, the operator’s revenues rose less than 1%, totaling 6,785 million euros, with EBITDA also rising 0.9% to 2,502 million euros.
The last quarter of the year had an important weight in the growth of revenues and profits, which more than doubled in relation to the same period last year, while revenues rose 6.7%.
In terms of customers, PT managed to attract 325 thousand subscribers, with the Meo triple play service once again providing important help to reduce the fixed line cut rate and to gain market share in broadband. In ADSL, the number of customers grew 21.5% to 862 thousand, with 152 thousand new subscribers registered during the year. In the last quarter alone, PT managed to hire more than 50 thousand ADSL service customers.
In the area of furniture, TMN totaled 7,252 thousand customers at the end of 2009, attracting 180 thousand subscribers in the last quarter, with an increase in the number of post-paid customers and where the adhesions to mobile broadband again have a significant weight.
Even so, service revenues decreased 4.7% in the last quarter, referring to PT that this is due to “adverse economic conditions”, but also to the reduction in customer revenues, roaming billing and equipment sales, which made with TMN’s operating revenues falling 7%.