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September 21, 1995

TELECOM PORTUGAL RESULTS HIT BY LEVY TO GOVERNMENT

By CBR Staff Writer

Telecom Portugal SA said its interim figures were hit by a 6% rise in operating expenses, including the equivalent of $6.4m in concession fees to the government and $45.6m in early retirement costs. Telephone service revenues were up 7% to $1,032m as a result of the increase in the number of main lines, an increase in usage per line and price hikes, the company said. Cash flow in the first half was up 19% to $484.9m which enabled the company to finance all its investment activities and make a significant contribution to the pension fund from its internal resources, the company added.

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