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Oi announces second-quarter results, works to execute capital increase
By Caroline Salls
Pittsburgh, Aug. 15 – Oi SA is working to execute the capital increase called for in its judicial reorganization plan and is preparing to execute an incremental capex plan, according to a 6-K filed Wednesday with the Securities and Exchange Commission.
The company said the capex plan is focused on investments in fixed and mobile access to increase the supply of high-speed fixed broadband and 4G and 4.5G coverage.
As previously reported, after completing a conversion of debt into shares, Oi reorganized its corporate structure.
Oi said its new shareholders will elect, at an extraordinary shareholders’ meeting, the company’s new permanent board of directors.
According to the 6-K, EBITDA for the second quarter remained in line with the judicial reorganization plan, totaling R$1.56 billion. EBITDA for the second quarter of 2017 was R$1.62 billion.
Oi presented a net loss of R$1.2 billion in the second quarter, a reduction of 70.4% over the same period of last year.
The company reported R$5.55 billion in net revenue for the quarter ended June 30, down from R$5.84 billion as of June 30, 2017.
EBITDA for the first half of this year was R$3.14 billion on R$11.21 billion in net revenue, compared with EBITDA of R$3.34 billion for the same period of last year on R$12 billion in net revenue.
Oi ended the second quarter with a cash position of R$5.2 billion, 77.5% less than in the second quarter of 2017. The company said the cash reduction was mainly a result of non-recurring regulatory obligations in the quarter, in addition to the payment of taxes related to the debt restructuring.
Cash and cash equivalents were R$23.26 billion as of June 30, down from R$24.21 billion at March 31 and R$25.9 billion at June 30, 2017.
Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy on June 21, 2016 in the U.S. Bankruptcy Court for the Southern District of New York under case number 16-11791.
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