Telecommunication services have benefited in this context, expense and increase in demand for Telecom goods and all orientation with [inaudible] Our cost structure suffered a reduced impact from it. On the fiscal front the banner seems stable, I word it as slightly improved taking into account the production in the use of unconventional resources like certain bank and National Pension Fund transfers to the treasury.
None the less, subsidiaries to the private sector continued growing particularly in sectors like energy and transport together with high transfers for social plans. Also despite government measures to limit imports these have been growing at a higher pace than expected. Yes, with increasing commodity prices we have benefitted Argentina with better terms of trade particularly in the first quarter trade surplus decreased by 10% when compared to the first quarter 2010.
In this challenging macroeconomic context our company has more than well performed in the quarter both in terms of business and operations as we will see during this conference call. After having gone through this introduction let me pass the call to Franco Bertone who will go over with the business highlights. Franco?
Franco BertoneThank you Pedro, and good morning everyone. First quarter 2011 delivered a strong results. We continue leading the mobile market retaining number one from net adds for the second year in a row capturing valuable customer and successfully developing the customer interest for mobile internet and other value added services.As highlighted in slide five in this quarter our mobile ARPU increased 16% year-on-year, thanks to booming value added service revenue fostered by mobile internet, social networking and SMS. We introduced tablet devices in the market maintaining our innovation leadership.Read the rest of this transcript for free on seekingalpha.com
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