Telecom Argentina reported a 4% drop during the third quarter due to inflationary pressures. The Buenos Aires-based company’s records put net income at $69 million in the quarter ending Sept. 30. That’s down from $71.8 million from last year. However, the telephone company is reporting net profits of $263 million from January to September, 35% higher than the same period in 2007. Inflation was cited as the cause for the drop, as the peso fell significantly against the U.S. dollar during the third-quarter.
Via: The International Herald Tribune
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