Brazilian telecoms operator Oi has reported total net revenues of BRL5.5 billion (USD1.4 billion) for the three months ended 30 June 2018, representing a decrease of 5.0% year-on-year. Routine EBITDA for the period under review dropped 3.4%, to BRL1.6 billion, while the telco recorded a net loss of BRL1.2 billion in 2Q18 – a reduction of 69.6% compared to the second quarter of 2017. Oi’s net debt at the end of 2Q18 was BRL10.0 billion, compared to BRL44.5 billion in the year-ago period.
In operational terms, Oi’s mobile customer base totaled 38.883 million at the end of 2Q18, of which 36.477 million were ‘personal mobility’ accounts, with the remaining 2.407 million attributed to the B2B segment. As of June 2018, 4G LTE coverage reached 834 municipalities (+192% y-o-y), or 74% of Brazil’s urban population.
Discussing its ongoing recovery plans, the telco noted: ‘After completing the conversion of debt into shares, Oi reorganised its corporate structure and the new shareholders will elect, at an Extraordinary Shareholders’ Meeting, the company’s new permanent Board of Directors, which will be composed of independent members and will have a high governance level, in line with the principles of a corporation.’