Brazilian telecom Oi reports larger-than-expected loss

SAO PAULO: Brazil’s biggest fixed-line carrier Oi SA on Thursday reported a larger-than-expected fourth-quarter net loss.

The telecoms company, which filed for bankruptcy protection in June 2016, reported a quarterly net loss of 2.3 billion reais ($457 million) versus a loss of 3.3 billion reais a year earlier, it said in a securities filing.

Still, analysts expected on average a net loss of 1.1 billion reais, Refinitiv Eikon data showed.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was within forecast at 1.3 billion reais, compared with negative EBITDA of 4.2 billion reais in the same period a year ago.

The carrier reported a net revenue of 4.9 billion reais in the quarter ended on December 31, down 8,4% from a year ago, mostly due to the drop in revenue at landlines, partially offset by larger revenue with mobile.