Telemig Celular profit grows as real appreciates

24 Jul 2003

Minas Gerais-based mobile operator Telemig Celular announced a rise in net profit for the second quarter to BRL45.6 million (USD15.8 million), nearly eight times the figure for the same period of 2002. Net revenues improved 15% year-on-year to BRL263 million while EBITDA stood at BRL122 million, up from BRL97.2 million. The cellco has attributed the results to foreign exchange gains as the Brazilian real appreciated against the US dollar.