PORTUGAL: TMN AND TELECEL ANNOUNCE SHARP RISE IN PROFITS

On July 21, Portugal's public mobile telephony operator TMN announced a net profit of 9.3 billion Escudos (USD51 million) for the first half of 1998, a 62% improvement on the corresponding period last year. The private operator, Telecel, has likewise announced a 49.2% increase in net profits over the same period to Esc8.8 billion (USD48.3 million). With 981,309 subscribers at the end of June (+115.4%), Telecel has an almost...