Telecoms and media giant Portugal Telecom (PT) released its year-end financial results, which were highlighted by a 32.1% rise in consolidated operating revenues to Euros 4.19bn.
The company pointed to investments in mobile phones, data and internet services as new high growth business areas which now account for as much of 50% of revenues. PT's consolidated net income rose 9.2% to Euros 540m.
Meanwhile, filial PT Multimedia (PTM) posted net losses of Euros 105.8m. That figure does not include an additional Euros 336m lost in the acquisition and internal resale of Brazilian web portal Zip.net, and a Euros 177m capital gain through the sale of 7.5% of web division PTM.com. Nevertheless the filial saw its overall operating revenues rise by half to Euros 247.8m.
PTM's pay TV division, which monopolizes the pay TV industry in Portugal through platform TV Cabo, enjoyed a 39% rise in revenues to Euros 195m. PTM pay TV subscribers rose 23% last year to 950,000, representing 90% of the pay TV market. PTM continued to roll out its cable network and by the end of 2000 had passed nearly 2.2bn homes.
PT owns 100% of Portuguese film distribution-exhibition giant Lusomundo.