Reuters: Market News: Brazil's Oi net falls 80 pct, but beats forecast

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Brazil's Oi net falls 80 pct, but beats forecast Mar 30th 2012, 11:28 March 30 | Fri Mar 30, 2012 7:28am EDT March 30 (Reuters) - Brazilian telecom Grupo Oi booked an 80 percent drop in fourth-quarter profit on Thursday, as it struggled to recapture wireless market share. The company posted net income of 140.7 million reais ($77.06 million), down from 704.8 million reais a year earlier, but beating expectations of 79 million reais from six analysts in a Reuters survey. Oi, which holds a distant fourth place in the wireless market, has seen a steady exodus of users away from its fixed-line services. Spending to beef up its mobile operation has also hurt profit margins. Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit, fell 36.8 percent to 524 million reais. EBITDA as a share of revenue, or EBITDA margin, fell 9.7 percentage points to 23.4 percent.

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