Profit falls for Embratel

4 Feb 2004

Brazilian long-distance telco Embratel Participacoes has revealed a 39% fall in profit for the fourth quarter of 2003. The telco’s net income dropped to BRL69.1 million (USD23.6 million) from BRL111 million a year earlier, while expenses grew from BRL150.51 million to BRL165.2 million. In the fourth quarter alone, Embratel spent BRL206 million on the expansion of its local phone network.