Portugal Telecom Q2 net profit up 82.5%

Portugal Telecom (PT), Portugal’s largest fixed line operator by subscribers, has reported a net income of USD164.2 million for the three months ended 30 June 2010. This figure represents an 82.5% increase from USD90.0 million for the same period one year earlier. Operating revenues for Q2 rose 17.1%, from USD1.62 billion to USD1.90 billion. The second quarter saw revenue generated by PT’s domestic interests wane by 0.9%, but this was more than offset by the considerable rise in revenues from Vivo, its former Brazilian interest, which increased by 37.5%. PT’s 50% stake in Vivo was sold to Telefonica for USD9.8 billion last month.