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TIM Brasil Q1 profit plummets 60%, replaces CEO
2016-05-12 08:45:00| Telecompaper Headlines
(Telecompaper) TIM Brasil has replaced its CEO Rodrigo Abreu with Stefano De Angelis after reporting first quarter net income down 59.7 percent to BRL 127.9 million compared to BRL 317.4 million a year earlier. Describing the first three months of the year as a "tough" quarter, the Brazilian operator also reported net revenues down 15.3 percent to BRL 3.85 billion compared to BRL 4.55 billion a year earlier, with a 14.3 percent rise in fixed failing to offset a 9.2 percent decline in mobile. EBITDA fell 16.6 percent to BRL 1.121 billion, affected by a number of factors, including Brazil's worst recession in decades, costs to reduce personnel and provisions for customers' unpaid accounts, which rose 26 percent year on year. However, ARPU was up 3 percent year on year, confirming the positive trend started in the previous quarter.
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Category:Telecommunications
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