Portugal Telecom Net Drops on ‘Challengint’ Local Economy
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Portugal Telecom SGPS SA, Portugal’s biggest telecommunications company, said second-quarter profit fell 17 percent amid a “challenging” domestic economy and currency effects holding back earnings in Brazil.
Net income dropped to 68.8 million euros ($84 million) from 82.3 million euros a year earlier, the Lisbon-based company said today in a statement. Sales fell 9.4 percent to 1.63 billion euros. Profit beat the 63 million-euro average of 12 analyst estimates compiled by Bloomberg, while revenue fell short of the 1.65 billion-euro prediction.