Telefónica de Pereira corrects 2004 results

Colombian local telephony operator Telefónica de Pereira corrected its profit figures for 2004 to 30.5bn pesos (US$12.8mn) compared to the the 25bn pesos originally reported in a shareholders meeting this week, according to local daily La República. Telefónica de Pereira had previously announced a profit of 25bn pesos, up 25% compared to the 2003 profit, but the new figure represents a 50% increase compared to the 20bn pesos posted that year. The profit increase was attributed to a reduction in operating costs by more than 3bn pesos and an increase in operating revenues, according to company manager Martha Manrique. Pereira had also estimated that litigation with mobile operator Colombia Movil (Ola) would cost it 4bn pesos, but the eventual cost was 2.1bn pesos. Telefónica de Pereira is a division of Medellín-based multi-utility EPM.