Costs at Oi dent Tele Norte 1Q profits

6 May 2003

Tele Norte Leste Participaçoes, the parent of Brazilian telco Telemar and cellco Oi, reported an 18% rise in first quarter revenues to BRL4.45 billion, but still recorded a BRL143 million loss primarily due to its fledgling wireless operator. Oi, launched in June 2002, caused a negative impact of BRL354 million, despite posting an EBITDA gain of BRL9 million having signed up 1.7 million customers since launch to gain an 11% market share in its region.

Brazil