Brazil’s Telefonica third-quarter profit up more than 9%

Telefonica Brasil posted a wider third-quarter net profit on Friday, up 9.3% compared to the same quarter last year, with gains in part due to strong revenue growth in its mobile unit.

The company’s net income totaled 1.436 billion reais ($270.15 million) during the July through September period, according to a filing with the Brazilian stock exchange.

The firm is a unit of Spain’s Telefonica and operates in Brazil under the Vivo brand.

Net revenue from the company’s mobile phone services, its main business, reached 8.48 billion reais, almost 15% above the year-ago period, as Telefonica continues to bring over new clients from Oi’s mobile unit, which it agreed to buy in 2020.

Recurring earnings before interest, taxes, depreciation and amortization came in at 4.957 billion reais. Reuters