Embratel Participacoes 3Q Loss R$1.06 A
Thousand Shrs
Dow Jones Newswires
Embratel Participacoes S.A. - New York
3rd Quar Sept. 30:
All figures in R$.
1998 1997
Revenue $1,098,000,000 ....
Net income a (356,000,000) ....
Avg shrs 334,399,000,000 ....
Shr earns
Net income a,b (1.06) c ....
Figures in parentheses are losses.
a. Includes charges of R$470 million related to the voluntary conversion of
the company's pension plan from defined benefit to defined contribution,
the initiation of an alternative retirement medical benefits plan and a
voluntary severance plan expected to reduce headcount by about 1,000,
or 10% of the work force.
Also included in the charges are write-offs of investments in research and
development and accelerated depreciation of outdated and redundant
assets.
Excluding charges, the company's third quarter earnings were about
R$120 million.
b. Earnings per thousand shares(R$).
c. Not available.
Embratel Participacoes S.A. said it restated latest second quarter earnings
due to the new interconnection regime.
The company said revenues and interconnection costs for the second
quarter were adjusted upward to R$ 1.1 billion and R$ 550 million,
respectively, and second quarter net income is R$ 116 million.
Embratel Participacoes provides long distance and international
telecommunications services in Latin America. |
