BUENOS AIRES (Reuters) - Telecom Argentina SA (TEC2.BA)(TEO.N) reported a 24 percent rise in fourth-quarter net profit, beating market expectations as new mobile and fixed-line services boosted revenue.
Telecom, one of Argentina’s top telecommunications companies, said on Thursday net earnings in the last three months of 2012 were 809 million pesos ($164 million), compared with a revised 650 million pesos during the same period a year earlier.
A Reuters poll of five analysts had forecast quarterly net profit at a median of 702 million pesos, with estimates ranging from 636 million to 746.9 million pesos.
In full-year 2012, Telecom said net profit rose 7 percent from 2011 to reach 2.73 billion pesos ($555 million), while consolidated sales climbed 20 percent.
Telecom Argentina, which is controlled indirectly by Telecom Italia (TLIT.MI), said on Wednesday that Stefano De Angelis would replace Franco Bertone as chief executive.
Reporting by Walter Bianchi and Jorge Otaola; Writing by Helen Popper; Editing by Gerald E. McCormick and Phil Berlowitz