Portugal Telecom reaches 116k subs for Meo in Q2

August 7, 2008 - Portugal Telecom has passed 100,000 subscribers for its "Meo" pay-TV service, delivered via IPTV and satellite, with 116,000 subscribers between the two platforms at the end of the second quarter of this year.

Overall profits for the second quarter of this year fell however by 55.2% to reach €113.1mn, due to higher costs and a weak wireline business, cancelling out the positive effect of strong operations in Brazil. Recent advertising campaigns for Meo meanwhile have highlighted high-definition content available on the service, including Eurosport HD's upcoming coverage of the Olympics.

Revenue for the second quarter of this year grew 12% year-on-year to reach €1.67bn, while Capex rose 27.1% by the same comparison to reach €215.9mn.