Regarding domestic factors some decelerations has been noted after complicated fourth quarter of 2011. The measures taken by the authority seeing to come into effect interest rates have decreased and capital outflows that is, although the industrial production has accelerated.
Measures taken in the FX market and monetary policy being rather our commodities drove interest rates to low level stimulating or continue to stimulate prior consumption. And this trends inflation remains high, while we have started somewhat at the lower levels than previous year.
The fiscal front continues to show gradual deterioration despite the policies taken by the federal administration to transfer this to private sector mainly through reductions and subsidies on the external front after measures adopted in late 2011 to mitigate a potential deterioration of the balance and payments decreased to its lower level than last two years well extras remain rather stable, thanks to high commodity prices.
After having gone through this introduction of the macro context in which we operate, let me pass the call to Franco Bertone, who will go over the business highlights.Franco BertoneThank you, Pedro and good morning to everyone. 1Q 2012 delivered solid topline growth in margin. Sales were strong and we kept growing more than the market basis. Overall performance spending line of exceeded guidance that we provided due to margin.Please turn to slide five for first quarter business highlights. Mobile business have to continued to retain market leadership of cost savings, land refining contain and being those movements if you are not MNP were well received and strengthen our position in the market. Value-added services continued to be the main driver of growth increasing 44% year-on-year, and unprecedented 62% in the last service revenue.Internet wireline revenues showed a strong performance. Our Bandwidth wireline 3G broadband product is providing – proving quite successful. FTTC service deployment program started and it’s ramping according to plan.
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