Telecom revenues grow 35% in 1Q05

The combined operating revenues of Venezuela's telecommunications companies rose 35.2% to US$1.11bn in the first quarter and investments increased 34.5% to US$86.5mn, year-on-year, local newspaper El Universal reported. Positive growth was seen in all sectors, said the report, which cited government statistics. Mobile telephony added 357,549 new lines to reach 8.78 million subscribers; fixed telephony added 80,673 subscribers to 3.43 million; and public phones added 1,281 units to 131,699. The telecom industry now accounts for 16.2% of GDP, the third largest sector behind services and insurance/financial institutions, the report said.