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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (9340)	11/2/1998 4:36:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

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reais for investments in research and development and a 180 million real write-off and accelerated depreciation of "outdated and redundant" assets.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