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Oi falls on Q2 results, Portugal Telecom also lower

  • Oi (OIBR -6.5%) is off sharply after releasing Q2 results. The Brazilian telco's EPS fell to -R$0.07 from R$0.21 in Q2 2012. Revenues grew 2.4% Y/Y to R$7.1B ($2.3B). (6-F)
  • EBITDA fell 16.4% Y/Y to R$1.8B due to "higher provisions for bad debt and increased marketing and personnel expenses."
  • Revenue-generating units grew 3.3% Y/Y to 74.8M. Residential RGUs were up 2.2%, personal mobility up 3.8%, and corporate up 4.6%.
  • The company also announced it will no longer issue guidance due to macroeconomic uncertainty.
  • Oi's results also took a toll on indirect owner Portugal Telecom (PT -6.2%). The real's depreciation caused PT to report operating revenue from Oi of €694.4M, -8% Y/Y.

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