LISBON — PT Multimedia, which controls more than 80% of Portugal’s cable and satellite TV business, has reported a 14% drop in net profit for the first nine months of the year.
Earnings came in at Euros 51.9 million ($73.2 million), down from Euro 60.4 million ($85.2 million) for the same period last year.
The company will be spun-off from Portugal Telecom on Nov. 7, and the drop in profit was mainly caused by one-off losses linked to the spinoff.
If these items are excluded, net profit actually rose 3.9%. Revenue rose 7.9% to Euros 527.6 million ($749 million), up from Euros 489.1 million ($694 million) in the same period in 2006.
Company also reported a 4.8% increase in the number of customers, now standing at 1.52 million — almost 40% of all households.
Notwithstanding the dip in profit, key Portuguese investors continue to jostle for position during the countdown to the spinoff.
Luis Silva, the founder of Portugal’s key film and video player Lusomundo, doubled his stake in PT Multimedia to 5.1% two weeks ago, so becoming the company’s fifth largest shareholder.