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Telefônica Brasil posts 103.2% growth in Q4 net profit -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A logo from the Brazilian operator Telefonica is seen at Sao Paulo on December 21st 2017. REUTERS/Leonardo Benassatto

(Reuters) – Telefonica Brasil reported Tuesday that its quarterly net profit rose 103.2% due to a recognition of 1.4 million reais tax credits.

Refinitiv had forecast 1.47 billion, but the fourth quarter net profit by telecoms operator was 2.628 billion Brazilian reais (519.54 Million).

Telefonica Spain (NYSE:), a unit that operates under Vivo, said it had its largest client base ever with 98.8million total accesses.

The company had previously announced that it has approved a program to buy back up to 42.383,420 shares.

($1 = 5.0583 reais)

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