Brazil's Telebras may release 1997 net by Jan 19
Reuters, Wednesday, January 14, 1998 at 09:35
SAO PAULO, Jan 14 (Reuters) - Brazil's federally owned Telebras (NYSE:TBR) (SAO:TEL_.P), Latin America's largest telecom, hopes to release its 1997 financial results by January 19, a company spokesman said.
"That's our expectation," he said. "Our accountants are working to release the financial statements by the 19th, but it's a bit complicated because there are 27 companies in the Telebras system."
Analysts surveyed by Reuters have forecast Telebras, whose preferred share is the local benchmark issue and a leader among foreign stocks traded in New York, will end the year with a consolidated net profit of $3.28 billion.
The company last month said it posted a January-November consolidated net of 3.404 billion reais ($3.095 billion) compared with a 2.739 billion net profit for all of 1996.
Brazil plans to sell Telebras later this year in the largest privatization in Latin American history.
Before it does so, the government intends to break Telebras into three regional fixed-line companies, nine cellular A Band frequency firms and a long-distance operator.
james.craig@reuters.com))
Copyright 1998, Reuters News Service |
