Reuters logo
Portugal Telecom profit halves on recession, forex impact
May 23, 2013 / 6:56 AM / 4 years ago

Portugal Telecom profit halves on recession, forex impact

LISBON, May 23 (Reuters) - Portugal Telecom (PT) said on Thursday its first-quarter net profit halved from a year ago amid a deep recession at home and due to a strong foreign exchange impact on its Brazilian revenues, but it still exceeded market expectations.

PT’s net profit fell 52 percent to 27 million euros ($34.8 million), compared to an average of 23 million euros predicted by analysts in a Reuters poll. The fall was cushioned by growing sales of bundled TV, phone and Internet services and a reduction in operating costs of 10 percent to 1.03 billion euros.

PT said earnings before interest, taxes, depreciation and amortization dropped almost 8 percent to 526 million euros, also exceeding analysts’ expectations of 515 million euros.

$1 = 0.7766 euros Reporting By Andrei Khalip and Filipe Alves

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below