Corporate restructuring costs blamed for 82% slump in Oi SA profits

Brazilian telecoms group Oi SA has reported a significant 82% decline in net profit for the three months ending 30 June 2012, to BRL64 million (USD31.2 million) from BRL374 million in 2Q11, largely the result of internal corporate restructuring following the incorporation of Telemar Norte Leste, which was completed in February. First-half net income stood at BRL407 million it said, BRL60 million lower than the figure recorded for 1H11, it added. In its earnings release Oi SA also reported revenue of BRL6.9 billion in April-June, down 2.4% compared to the same time a year ago

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OVETEL Corporate restructuring costs blamed for 82% slump in Oi SA profits