Oi posts second quarter turnaround

30 Jul 2010

Brazil telecoms operator Oi has posted second-quarter net income of BRL444 million (USD252 million), reversing a loss of BRL146 million in the same quarter last year which coincided with the worst period of Brazil’s recession. Net revenue meanwhile grew to BRL7.4 billion, up 1.3% year-on-year. Buoyed by the results, Oi CFO Alex Zorning said in a conference call: ‘We are looking at more investments in growth areas, such as broadband internet and 3G applications.’ Zornig said the company will invest between BRL3 billion and BRL4 billion in 2010.

Brazil, Oi