Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.935

-1.1%

12:59 PM EST

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To: Steve Fancy who wrote (6556)	8/12/1998 12:32:00 PM
From: Steve Fancy	of 22640

Brazil's Telesp Celular Reports Its First Profit as Private Firm Dow Jones Newswires SAO PAULO, Brazil -- Telesp Celular SA, Brazil's largest cellular telephone operator, said Tuesday it had a net profit in the first half of 1998 of 214.1 billion reals ($183 million) on net sales of 768.2 million reals. No comparative results were available since Telesp Celular was spun off this year from its parent Telesp in preparation for the July 29 privatization of Brazil's Telecomunicacoes Brasileiras. Portugal Telecom won the auction for the controlling stake in Telesp Celular, equal to 51.8% of voting capital, with a bid of 3.59 billion reals, or 226% more than the minimum price. Portugal Telecom will transfer a 36% stake to strategic partner Telefonica SA of Spain and another 13% to Brazilian investors, keeping only 51% of the piece that it bought. In June 1998, Telesp Celular had 1,520 employees. Personnel expenses in the first half were 26.1 million reals, almost the same as the social security charges of 25.3 million reals in the period. Operating costs for outsourcing and rentals were the biggest bite into earnings at 298.6 million reals. Financial costs were 68.8 million reals.

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