Article: Portugal: Sonaecom net profit plummets.(Financial report)

Byline: pinto03

Portuguese telco Sonaecom has reported a 67.7% year-on-year drop in net profit for the third quarter of 2009, down from EUR4.2 million (USD6.18 million) in 3Q08 to EUR1.4 million a year later. This was however an improvement on the previous quarter, when the firm reported net profit of EUR1.2 million. Sonaecom attributed its falling profits to a drop in revenues which outweighed cost-cutting measures. Revenues for the period amounted to EUR235 million, down from EUR251.3 million a year earlier.

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