Brazilian carrier Oi had a difficult day yesterday. Following the resignation of its CEO Francisco Valim, who occupied the position for only a year and a half, and nomination of chairman José Mauro Mettrau Carneiro da Cunha as his temporary replacement, Oi saw its shares fall almost 8%.
To try to reverse this situation, Oi released its preliminary financial results for 2012, still unaudited, at the end of the day.
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In the document filed with the Securities and Exchange Commission of Brazil (CVM), Oi reports that it closed last year with consolidated net revenues from services of U.S.$13.45 billion (R$27.5 billion); earnings before income, taxed, depreciation and amortization (EBITDA) ended the year at U.S. $4.25 billion (R$8.7 billion), and Oi’s net debt totaled U.S.$ 12.23 billion (R$25 billion).
The results are close to the targets set by the company in March last year but were slightly lower than analysts forecast. The guidance was R$28.8 billion set for the full year of consolidated net revenues from services; EBITDA with an R$8.8 billion goal. The net debt was only slightly above the R$24.9 billion goal.
Oi also announced the payment of U.S.$489 million (R$1 billion) in dividends, in addition to the amounts already paid in August.
The firm said the final results would be published on Feb. 18.
The currency covert rate at time of this report was 1 BRL = 0.489375 USD.
