Telecom Argentina's 9-month earnings up 30 percent

BUENOS AIRES, Argentina - BUENOS AIRES, Argentina (AP) - Telecom Argentina S.A. reported Wednesday that its net revenues increased by 30 percent to 1.3 billion pesos ($325 million) in the first nine months of this year amid growth in broadband internet and mobile devices that foster text messaging and other added services.

Earnings per share increased by 31 centavos to 1.33 pesos on Argentina's exchange during the nine-month period, and the company's American Depository Receipts rose by 38 cents to $1.65.

Telecom Argentina is increasingly transforming itself from a fixed-line and cellular phone company to an internet provider, investing $266 million this year, 10 percent of its revenues, mostly on expanding broadband services to improve connection speeds for mobile devices and computers. It now claims 2 million mobile subscribers in Argentina, up 14 percent from the same period in 2009.

The company got a vote of confidence last month from Fitch Ratings, which increased the company's national rating to AA and stable from AA- after the government resolved an antimonopoly investigation that examined how Telecom Argentina's ownership would affect a local marketplace where Spain's Telefonica is the other dominant player. On Oct. 14, both companies signed a deal promising to avoid monopoly practices in Argentina.