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Telebras Q1 loss widens 44.8% YOY

Telecomunicações Brasileiras S.A. - TELEBRÁS said its first-quarter normalized net income was a loss of 3.98 reais per share, compared with a loss of 2.75 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 47.1 million reais, compared with a loss of 32.5 million reais in the year-earlier period.

Total revenue increased 72.9% year over year to 13.6 million reais from 7.8 million reais, and total operating expenses increased 16.9% on an annual basis to 67.9 million reais from 58.0 million reais.

Reported net income came to a loss of 76.4 million reais, or a loss of 6.45 reais per share, compared to a loss of 57.2 million reais, or a loss of 4.83 reais per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.51 reais.