Profit at Telefonica Brasil doubles after accounting change
SAO PAULO, July 30
SAO PAULO, July 30 (Reuters) - Telefonica Brasil SA , which controls the country's largest wireless carrier, reported second-quarter net income of 1.993 billion reais ($894 million) on Wednesday, more than double its profit a year earlier.
The surge in earnings, due largely to an accounting change related to a recent merger, helped beat the average profit estimate of 783 million reais in a Reuters survey of five analysts.
Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, slipped 1 percent to 2.546 billion reais, in line with expectations of 2.563 billion reais. ($1 = 2.23 Brazilian reais) (Reporting by Alberto Alerigi Jr. and Brad Haynes; Editing by Jeffrey Benkoe)