Brazil Telecoms Firm Oi's Revenue Continues to Fall In Quarter 1

Brazilian telecommunications firm Oi SA reported a first-quarter net profit of 679 million reais ($170 million), in a quarter its revenue continued to fall, Reuters reported. This compares to a profit of 30.5 billion reais in the first quarter of 2018 after Oi reached an agreement with creditors in an in-court debt reorganization of the company. A debt for equity swap and a new capital injection were approved last year. The capital raise was completed in January. In a securities filing late on Monday, Brazil’s largest fixed-line operator said its net revenue fell 9.5% year-on-year to 5.1 billion reais due to a fiercer competition in Brazil. Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3.5% in the first quarter to 1.6 billion reais. Including one-time items, EBITDA rose 42% to 2.2 billion reais. Oi’s total debt at the end of March stood at 16.3 billion reais, 0.5% lower than that at the end of 2018. Read more