Brazil Telemig Cel 2Q EBITDA BRR88.3M Vs BRR57.9M
July 26, 2001
Telemig Celular Participacoes SA - Brasilia
All figures in reals ($1=BRR2.48)
2nd Quarter To June 30:
2001 2000
Net revenue BRR218,287,000 BRR165,656,000
EBITDA -a 88,288,000 57,866,000
Net income 17,071,000 7,831,000
a. Earnings before interest, taxes, depreciation and amortization.
Telemig Celular Participacoes SA (TMB) provides mobile phone services in Brazil's second-most populous state of Minas Gerais. In the second quarter the carrier's average revenue per user declined to BRR47 a month, compared with BRR52 a year ago and BRR47 in the first quarter.
The company's user base hit 1.4 million at June 30, compared with 0.9 million a year ago and 1.3 million at the end of the first quarter.
Telemig Celular, along with its sister company Tele Norte Celular Participacoes SA (TCN), has been the subject of a control battle for about the last year between Brazilian private equity fund Opportunity, local pension funds and Canada's Telesystem International Wireless Inc. (TIWI).
Telemig beat ABN Amro's net income target for the quarter of BRR15 million.
-By Terry Wade, Dow Jones Newswires; 5511-3145-1479;
terry.wade@dowjones.com
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