Telefonica Brasil profit drops 18 pct, missing forecasts

SAO PAULO Thu May 8, 2014 6:56am EDT

SAO PAULO May 8 (Reuters) - Telefonica Brasil SA said on Thursday that first-quarter net income fell 18 percent from a year earlier to 661 million reais ($297 million), according to a securities filing.

Profit missed an average forecast of 746 million reais in a Reuters survey of analysts.

Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, fell 7 percent to 2.563 billion reais, below an average estimate of 2.594 billion reais.

($1 = 2.23 Brazilian reais) (Reporting by Brad Haynes)

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