Forex loss in 3Q11 leads to net profit drop for AM

Brazilian telecoms group Oi has announced that net revenues for the third quarter of 2011 stood at BRL6.9 billion (USD4 billion), a fall of 5.5% year-on-year and largely reflecting the operator’s difficulties in adding enough mobile subscribers to offset a declining fixed line subscriber base. Chief Financial Officer Alex Zornig told reporters that the company hopes to address the issue by offering more bundled packages including mobile, broadband and TV services rather than pure wireline voice telephony plans [More]

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