Oi 2014 revenues drop 2.7% to BRL28.55bn

Brazilian telecoms giant Oi SA has reported revenues of BRL28.546 billion (USD8.780 billion) for the twelve months ended 31 December 2014, down 2.7% year-on-year. Of the top-line figure, Oi’s domestic market accounted for BRL27.613 billion of the total, with African holding company Africatel contributing BRL933 million to the total. EBITDA for 2014 dropped 4.8% to BRL10.361 billion, while Oi’s consolidated net loss for the year under review has been reported at BRL4.406 billion, which includes a loss of BRL4.164 billion related to the discontinuance of Oi’s interest in PT Portugal SGPS (PT Portugal). PT Portugal is classified as a discontinued operation (mandatory accounting treatment under IFRS rules) following Oi’s December agreement to sell the company to Luxembourg-based Altice Group. The African businesses, meanwhile, are classified as ‘held for sale’. Elsewhere, CAPEX for 2014 dropped 18.1% to BRL5.278 billion.