Business News Americas | February 16, 2011
Telesp, the Brazilian fixed-line and broadband arm of Spanish telecom group Telefónica (NYSE: TEF), grew net profits 8.8% to 2.4bn reais (US$1.44bn) in 2010, the company announced in a statement.
Revenues, however, slipped 0.3% from 2009 to 15.8bn reais in 2010, even as Telesp led the national market with 680,000 new broadband customers last year. The 26% surge in internet subscribers elevated the company’s total to 3.3mn, all in São Paulo state.
Telesp’s telephony base, meanwhile, increased by 39,000 clients, despite a downward trend for fixed service globally.
Telesp invested 2.4bn reais in 2010, a 9.9% boost over 2009 capital expenditures.
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