Reuters: Regulatory News: Brazil's Oi posts 64 mln reais net; EBITDA, revenue down

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Brazil's Oi posts 64 mln reais net; EBITDA, revenue down Aug 1st 2012, 11:32 Wed Aug 1, 2012 7:32am EDT * Oi earns 64 mln reais in quarter; results not comparable * Base of subscribers rise; EBITDA falls 13.5 percent RIO DE JANEIRO Aug 1 (Reuters) - Brazilian telecom Grupo Oi reported second-quarter net income of 64 million reais ($31.1 million) on Wednesday, as a plan to regain lost wireless market share began showing results. Oi did not provide annual or quarterly comparisons after a corporate restructuring plan it undertook in February rendered the data not comparable. Revenue fell 2.4 percent to 6.9 billion reais on a pro froma basis from a year earlier, the company said in a statement. New mobile subscribers rose 15.1 percent in the quarter from a year earlier as Oi revamped its wireless offerings, but the cost of the new strategy weighed on operating performance. Earnings before interest, taxes, depreciation and amortization fell 13.5 percent to 2.141 billion reais, slightly beating the average estimate of 2.118 billion reais in a Reuters poll of four analysts. Debt rose 45.2 percent on a year-on-year basis to 23.535 billion reais, while the company's cash holdings dropped 6.5 percent to 8.202 billion reais. Capital spending may rise further this year as Oi faces more stringent regulation. Telecom regulator Anatel this month banned the company from selling new plans in five states until it presents an investment plan to improve service quality after rising customer complaints about dropped calls and spotty coverage. Investments jumped 30.5 percent to 1.360 billion reais in the second quarter from a year earlier and rose 24.7 percent on a sequential basis. Link this Share this Digg this Email Reprints

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