Held back by an exodus of contract customers, TIM Participações of Brazil said that revenues rose 0.6% year-on-year in the first quarter of 2009 to 3.01 billion Brazilian reals (1.43 billion US dollars). Still, revenue from "value-added" services, primarily mobile broadband, rose 31% year-on-year to 430 million reals.
TIM's capital spending in Brazil fell 30% to 194 million reals in the first quarter, representing just 6.5% of net revenues. As it adopts a new marketing strategy, TIM expects to see higher revenue growth in the second half of 2009. source: TIM statement
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