Wednesday , April 21 2021

Oi's loss shoots to R $ 1.335 billion in the third quarter

The telecommunications recovery group Oi had a net loss of R $ 1.335 billion in the third quarter, about 70 times greater than the R $ 19 million loss a year earlier, reflecting the strong negative financial result and operating worsening.

Earnings before interest, taxes, depreciation and amortization (Ebitda) adjusted, or routine, totaled R $ 1.459 billion, down 9.1% over the same period of the previous year. The adjusted Ebitda margin, in the same comparison, fell 0.3 percentage points to 26.6%.

Total net revenue declined 8.1% to R $ 5.481 billion, with revenues in Brazil registering a decrease of 8.2% in the same comparison. According to the company, the decline in revenue in the annual comparison reflects the impact of the tariff readjustment granted in July 2017, but that the trend is improving compared to the previous quarter. Compared to the second quarter, total net revenue decreased by 1.2%.

"The sequential comparison shows a trend improvement, with a downturn, mainly due to the good mobility performance, which showed the highest sequential growth in net customer revenue in the market," Oi said in the release of the balance sheet.

Operating costs and expenses decreased by 7.7% to R $ 4.022 billion. Oi pointed out that considering 12-month inflation of 4.5%, expenses fell 11.9% in real terms compared to the third quarter of 2017.

The consolidated financial result was negative 1.455 billion reais, compared to a positive result of 17 million reais in the third quarter of 2017 and a negative result of 1.199 billion reais in the second quarter.

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