May 15, 2014 / 6:21 AM / in 4 years

Portugal Telecom posts Q1 net loss on forex, Oi tie-up costs

LISBON, May 15 (Reuters) - Portugal Telecom (PT) posted on Thursday a first-quarter net loss after a year-ago profit, hit by foreign exchange losses and extraordinary costs of its tie-up with Brazil’s Oi.

PT’s net loss totalled 15 million euros while a year ago it had a profit of 27 million euros. Revenues dropped almost 4 percent to 690 million euros, the company said, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 3.7 percent to 279 million euros.

PT is in the process of combining assets with Brazil’s wireless and fixed-line carrier Grupo Oi, in which it holds a large stake, to form a new company with more than 100 million subscribers. (Reporting By Andrei Khalip)

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