Sale of Macau’s CTM bolsters Portugal Telecom’s results in 2013

20 February 2014

The net profit posted by the Portugal Telecom (PT) group in 2013, of 331 million euros, was mainly due to the sale of the group’s stake in Macau telecommunications company Companhia de Telecomunicações de Macau (CTM), according to accounts published Wednesday by the group.

At the beginning of the year the PT group agreed to sell its 28 percent stake in CTM to CITIC Telecom International Holdings (CITIC Telecom) for 3.19 billion Hong Kong dollars (330 million euros).

In the statement filed with Portuguese market regulator CMVM, the Portugal Telecom group said that the 46.6 percent rise in profit in 2013 was also due to smaller amortizations on businesses in Portugal and greater non-recurring income.

Net profit in the fourth quarter of 2013 fell by 25.9 million euros, with revenues down by 3 percent to 736 million euros. (macauhub)