CORRECTED-Embratel (SAO:EBTP4) Q3 loss after charges
Reuters, Monday, November 02, 1998 at 16:22
In Oct 28 item "Embratel Q3 net loss after charges," please
read in the headline "Embratel (SAO:EBTP4)..." instead of
"Embratel (NASDAQ:EMBX)..." Corrects company's ticker symbol.
A corrected version follows.
NEW YORK, N.Y., Oct 28 (Reuters) - Embratel Participacoes
SA, formerly part of Brazil's Telebras, and now majority owned
by MCI Worldcom Inc. <WCOM.O.>, said it lost 356 million reais
in the third quarter, or 1.06 reais per thousand shares, on
revenues of 1.098 million reais.
Embratel operates the only nationwide long-distance network
in Brazil, Latin America's largest market, and is a leading
Internet and data services provider.
The company said it incurred several one-time charges
during the quarter, without which it would have earned about
120 million reais in the quarter. These included a write-off of
49 million reais for investments in research and development
and a 180 million real write-off and accelerated depreciation
of "outdated and redundant" assets.
Embratel did not give comparisons with the year earlier
quarter. Embratel was privatized in August as part of the
auction of Telebras, and has made changes to its financial
structure that it believes make comparisons to periods prior to
the second quarter of 1998 "not meaningful."
Embratel earned 116 million reais, or 0.35 per thousand
shares, on revenues of 1.115 million reais in the quarter
ending June 30.
Copyright 1998, Reuters News Service |
