LISBON Nov 30 Portugal Telecom (PT)
posted a 29 percent fall in third-quarter net profit, in line
with market expectations, due to a deepening recession in
debt-laden, bailed out Portugal.
PT's net profit fell to 64 million euros ($83 million),
compared to an average of 63 million euros predicted by analysts
in a Reuters poll, even as the company cut operating costs by
almost 4 percent to 1.05 billion euros.
In a statement issued late on Thursday, PT said earnings
before interest, taxes, depreciation and amortization, a key
measure of cash flow known as EBITDA, fell 10 percent to almost
588 million euros, exceeding analysts' expectations of 566
Revenues fell 6 percent to 1.64 billion euros, also coming
in above the consensus of 1.61 billion euros, with Brazil's Oi
bringing in 753 million euros, or 6 percent less than
a year ago. PT owns a 25 percent stake in Brazil's largest
telecommunications company, whose results have been improving
PT has said earlier its domestic revenue fell nearly 7
percent to 682 million in the third quarter due to the bailed
out country's deep recession, although a rise in the number of
internet and pay-TV clients cushioned the decline.
($1 = 0.7705 euros)
(Reporting By Andrei Khalip)