Telecommunications service industry improves profits - ARCHIVED

Despite stagnating revenues, the telecommunication services industry improved its profits during the first half of 2003 by controlling operating costs and reducing capital spending. The industry recorded $2.6 billion in profits, up a robust 19.4%. A strong financial performance of the wireless sector was achieved in spite of a significant slowdown in the expansion of its customer base. The telecommunication services industry has continued to slash its capital expenditures. In the first six months of 2003, these expenditures amounted to $1.9 billion, down from $2.8 billion for the same period in 2002.