Oi (OIBR3; OIBR4) Begins 2023 With A Billionaire Loss – Money Times

a Hey (OIBR3;OIBR4) had a bitter start to the year, reporting a net loss of R$1.267 billion in the first three months, according to the report published on Wednesday (14).

In doing so, the telecom company reversed the profits shown in the first quarter of 2022, when it reported gains of R$1.623 billion.

Compared to the fourth quarter of 2022, the result, while negative, represents an improvement over losses of R$2.900 billion (excluding impairment).

Consolidated net revenue from Brazilian operations was R$ 2.505 billion, down more than 40% from the previous year and 4.3% from the previous quarter.

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Oi explains that the weaker line performance was a result of completing sales of discontinued operations, which included the mobility segment and UPI InfraCo, already foreseen in the strategic turnaround plan.

Ebitda’s routine of Brazilian operations decreased 84.2% year-over-year to R$193 million. Compared to the last three months of 2022, the decline was 44%.

Again, Oi mentions the completion of the sale of navigations as an effect. For the fourth quarter of last year, there was more seasonal profitability.

Oi ended the first quarter of the year with a cash position of R$1.807 billion, an annual decrease of 8.9% and a quarterly decrease of 43.9%. Net debt (fair value) decreased by 33.4% during the first quarter of 2022, but increased by about 10% compared to the period between October and December.

Check out the 1Q23 press release: