Portugal Telecom Q1 Net Profit Drops 57%

Portugal Telecom SGPS SA

reported a drop in its net profit in the first quarter. Portugal Telecom's quarterly net profit fell to EUR56.5 million, from EUR129.7 million, in the year-ago period. However, analysts were expecting net profit of around EUR46.2 million. Its operating revenue rose to EUR1.72 billion from EUR871.1 million, while operating costs climbed to EUR1.14 billion from EUR513.7 million. PT's earnings before interest, taxes, depreciation and amortization surged to EUR571.7 million from EUR357.4 million. PT shares closed at $4.97 yesterday.