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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Telefonica Brasil SA | BOV:VIVT3 | Bovespa | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.69 | 1.39% | 50.35 | 50.84 | 49.52 | 49.86 | 3,132,100 | 01:37:18 |
By Rogerio Jelmayer
SAO PAULO--Telefonica Brasil SA (VIVT4.BR) posted a 9.6% net profit increase in the third quarter, as a combination of cost cutting and rising revenue streams offset a decline in mobile-phone subscriptions.
The company, which is controlled by Spain's Telefonica SA (TEF.MC), recorded a net profit of 952.7 million Brazilian reais ($307.3 million), up from BRL869.3 million in the year-ago period.
Telefonica's operating costs dropped 2.2% in the period to BRL7.28 billion, while net revenue rose 1.1% to BRL10.69 billion. Revenue from data and digital services advanced 23.3% to BRL3.6 billion.
The company said it ended the third quarter with 97.2 million customers, down from 103.67 million in the year-earlier period.
After consecutive years of double-digit expansion, the country's mobile market is facing challenges stemming from a weak economy, with high inflation and interest rates discouraging buyers, according to economists. After contracting 3.8% last year, Brazil's economy is expected to shrink 3.2% this year.
Telefonica Brasil is Brazil's largest mobile-phone company by market share, according to telecommunications regulator Anatel.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 26, 2016 05:52 ET (09:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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