Brasil Telecom reports 26% drop in profits in Q1

9 May 2006

Brazilian fixed line operator Brasil Telecom posted first quarter net profits of BRL33.5 million (USD16.29 million) in the three months to 31 March 2006, down from BRL45.1 million for the same period of 2005 – its first profit after three straight quarterly losses for the company. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to BRL825.3 million in the first quarter, up from BRL824.3 million in the year-ago period. Brasil Telecom is controlled by Citigroup and several Brazilian state-run pension funds. Telecom Italia is also a major shareholder in the company.

Brazil, Brasil Telecom (BrT)