Portugal Telecom SA ADR Earnings Call Nuggets: Domestic EBITDA and GlobeNet
Portugal Telecom SA ADR (NYSE:PT) recently reported its second quarter earnings and discussed the following topics in its earnings conference call.
Mandeep Singh – Redburn Partners: Just a quick question on your domestic EBITDA. On the first quarter call you, we too expect you are comfortable with consensus of about EUR1.1 billion for domestic EBITDA. I just wanted to hear your thoughts on that again. That would require a significant reduction in the rates of decline year-over-year for the second half compared to the first half and if you are comfortable with that consensus what are the drivers of that reduction in the year-over-year decline in EBITDA?
Zeinal Bava – CEO: Just to address directly your question that we reiterate that our confidence suite, the consensus out there is around EUR1.1 billion basically that is on the back of continuous improvement in the efficiency on the cost side and also on the benefits that we’re seeing especially on the Personal segment on the revenue trends over there. Very recently and as Zeinal mentioned also in July we’ve seen very good demand for the services both on the Personal and on the Residential. So, we remain confident that we can deliver on the consensus that is out there.