Telecom holding company Tele Norte Leste Participaçoes (TNL), which controls wireline operator Telemar and cellco Oi, narrowed its net loss considerably in the third quarter, on the back of rising revenues. In the three months to 30 September 2003 the company reported a net loss of BRL24 million, compared to a loss of BRL382 million in the corresponding period of last year. Revenues soared 22.3% year-on-year to BRL3.77 billion, whilst EBITDA rose 29.4% to BRL1.66 billion. However, the results were adversely affected by BRL160 million used to cover bad debts. The company cut its net debt 3.9% to BRL8.66 billion. At the end of the period Telemar had 15 million lines, remaining stable year-on-year, whilst Oi reported a 27.4% rise in mobile subscribers to 2.85 million. TNL operates in Brazil’s Rio de Janeiro and Minas Gerais regions, covering the 16 states which make up Region I in the north and east of the country.