Hi has lost more than a billion euros – TVI24

The telecommunications group Hi posted a loss of 4,420 million reais (more than 1, 25 billion euros) at the end of 2014. The operator confesses that part of the value of losses due to the sale of PT. IN 2013
the Hi had registered a profit of 1,493 million reais (approximately EUR 425 million).

In the statement of the Brazilian operator, “the discontinuation of operations of PT Portugal ‘in the sales process, and “a loss of 4,164 million reais related to the recognition of these assets for its selling price’ justify the value, which contrasts with the profit of 1.49 billion reais recorded in 2013.

Hi explained that the sale of PT required a supply of 4,164 million and that “income from discontinued operations also includes an operating loss of 250 million reais on the results of PT Portugal since May 2014 ‘.

Some of the losses are likely to be recovered since the agreement with Altice provides for a payment of more than EUR 500 million depending on the evolution of the performance of PT Portugal. The shareholders of PT SGPS approved the sale of PT Portugal, which holds the Meo and Sapo, among other services, the French group Altice, by 7,400 million euros.

Assessing the results of ongoing operations, and excluding operations related to PT, Hi ended last year with an 8 million reais profit (EUR 2.3 million).

Contributing to the decline in results was also a reduction of 2.7% of revenues. The telecommunications operator to finished the year with a turnover of 28.5 billion reais.