On The Money - In Brief
- Portugal Telecom's Chief Executive Henrique Granadeiro said Thursday the company plans to focus on its foreign operations, such as those in Brazil and Africa. Granadeiro was speaking at the company's earnings press conference, after PT revealed its fourth-quarter net profit had fallen almost 79% on the year to EUR71.8 million, hurt by curtailment costs, higher taxes and a EUR260 million reinforcement of its pension fund
- Moroccan incumbent Maroc Telecom has reported a 19% rise in 2007 net profit, and forecast further profit growth for 2008. The telco reported other financial and operating results last month. Net profit rose to MAD8.033 billion (USD1.0 billion), while operating profit rose 21.8% to MAD12.2 billion (on revenues that climbed 21.7% to MAD27.53 billion). The company forecast operating profit growth of more than 9% in 2008 on revenue growth above 7%.
- Business Connexion’s financial results have raised some concerns among South African business analysts. The company’s internal figures show that 2% of customers contribute a massive 61% of its revenue. Conversely, 88% of its clients generate only 13% of its revenue. Revenue rose 16% to R2bn from R1.7bn, but a net profit margin of just 2% saw its profit slump to R43m. Several rival companies are looking at Business Connexion for a potential acquisition, and Bytes Technology in particular will analyse its results with an eye to making a fresh takeover bid.