Telefonica Moviles profit rises 17% in Q3

Spanish mobile holding company Telefonica Moviles (NYSE: TEM) posted consolidated net income of 479mn euros (US$546mn) in the third quarter, up 17% compared to the third quarter in 2002, the company reported. Total revenues were 2.67bn euros, up 15% on 3Q02, and Ebitda was 1.24bn euros, up 27% on the previous year's third quarter. Telefonica Moviles ended the quarter with a total managed client base of 47.8 million users, compared to 33.2 million a year ago. The company's 26.8 million managed Latin American clients now represent 56% of the total client base, compared to 41% a year ago. Ebitda from Latin American operations was 171mn euros, up 19% on 3Q02, compared to 1bn euros from Spanish operations. Latin American revenues were 671mn euros, up 36% from the previous year's third quarter. In Brazil revenues were 388mn euros, up 55% on 3Q02, reflecting the constitution of the Brasilcel joint venture with Portugal Telecom (NYSE: PT) and its purchase of Brazilian operator TCO. Ebitda was 156mn euros, up 68% on the previous year. The Brazilian client base doubled to 18.5 million compared to 6.2 million the year before. Revenues from Telefonica Moviles Mexico were 115mn euros, up 17% from 3Q02. Also worthy of note were revenues at the Argentine unit Unifon, up 58% year over year at 64mn euros. Telefonica Moviles' main Latin American operations also include TEM El Salvador, TEM Guatemala, TEM Peru and TCP in Argentina. The group also manages Telefonica Movil in Chile and Movistar Puerto Rico, which are technically owned by other Telefonica group divisions.