Telefonica Brasil Fourth-Quarter Net Profit Up 9%
February 22 2017 - 6:11AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Telefonica Brasil SA (VIVT4.BR) posted a 9% increase
in net profit for the fourth quarter, as higher revenues and
cost-cutting efforts helped to offset a decline in mobile-phone
subscriptions.
The company, which is controlled by Spain's Telefonica SA
(TEF.MC), reported a net profit of 1.21 billion Brazilian reais
($390.8 million), up from 1.11 billion reais in the year-ago
period.
Telefonica's operating costs fell 1.1% in the period to 7.25
billion reais, while net revenue rose 1% to 10.87 billion
reais.
The company said it had 97.12 million customers at the end of
the quarter, down from 97.2 million the previous year.
After years of double-digit expansion, the country's mobile
market now faces challenges from a weak economy and a high
unemployment rate, discouraging buyers, economists say. Brazil's
economy is projected to shrink by 3.5% in 2016, after contracting
by 3.8% in 2015.
Telefonica Brasil is Brazil's largest mobile-phone company by
market share, according to telecommunications regulator Anatel.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
February 22, 2017 05:56 ET (10:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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