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Operating cash flow in the third quarter of 2023 ended with amortization of R$ 532 million, mainly affected by the increased consumption of legacy services.
Felipe Moreira
Operator Oi opened the second judicial recovery operation just three months after leaving the first operation. Image: Disclosure
Oi (OIBR3) recorded a net loss of R$2.830 billion on its balance sheet for the third quarter of 2023. Compared to the same period of the previous year, when the figure was R$3.243 billion, there was a 12.7% decrease.
Regarding net revenues, the company’s net revenues reached R$ 2.422 billion between July and September, representing a decrease of 12.6% compared to the same period in 2022.
EBITDA (earnings before interest, taxes, depreciation and amortization) was also negative at R$330 million, compared to a positive amount of R$167 million in the third quarter of 2022.
According to Oi, EBITDA was impacted, “mainly (i) by an acceleration in revenue decline from legacy services, including DTH TV, without commensurate compensation in efficiency, given the current constraints of the regulatory framework; and (ii) growth In network leasing costs, to support the growth of fiber operations, resulting from the operational model that began on June 22.
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Depreciation and amortization expenses totaled R$364 million in the third quarter of 2023, representing a decrease of 67.0% year-on-year.
The net financial result was negative at 2.480 billion Brazilian reais in the third quarter of 2023, an increase of 23.4% over the financial losses at the same stage of 2022.
Operating cash flow in the third quarter of 2023 ended with amortization of R$532 million, mainly affected by the increased amortization of legacy services.
Total investments reached R$201 million in Q3 2023, with core operations representing 76% of this total.
As of September 30, 2023, the company’s net debt amounted to R$22.709 billion, an increase of 23.9% compared to the same point in 2022.
The company ended the third quarter of 2023 with consolidated cash of R$2.5 billion, a decrease of 2.2% quarter-on-quarter.
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