Telecom Argentina 1H profit leaps 23%

Argentine fixed line incumbent Telecom Argentina has announced its results for the six months ended 30 June 2010, reporting a 23% year-on-year rise in net income to ARS865 million (USD219.7 million) on the back of higher sales of internet and wireless services. Revenue generated in the first half of 2010 totalled ARS6.717 billion, up 17% compared to the same period a year earlier, of which ARS4.495 billion was generated by the firm’s mobile business (an increase of 19% y-o-y) and the remainder by its voice, data and internet segment (up 17% vs 1H09). Operating profit in the first six months of 2010 rose 17% to ARS1.539 billion, and capital expenditure totalled ARS666 million, up from ARS529 million a year earlier. Meanwhile, net revenue in the second quarter of 2010 rose 19% year-on-year to ARS3.468 billion, of which the firm’s mobile business generated ARS2.328 billion, with the remainder accounted for by its voice, data and internet segment. Net income in the three months ended 30 June 2010 reached ARS454 million, an increase of 29% compared to the ARS352 million reported in the same period a year earlier.