RIO DE JANEIRO, BRAZIL – Brazilian telecommunications firm Oi SA reported a quarterly net profit of R$679 (US$170) million, 20 times of what it did a year earlier, as interest expenses fell sharply.
Oi said the reduction in financial expenses reflected the agreement with creditors in an in-court reorganization of the company.
Recurring Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 3.5 percent in the first quarter to R$1.6 billion. Including one-time items, EBITDA rose 42 percent to R$2.2 billion.
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.