Brazilian telecoms group Telemar Norte Leste (Oi) has reportedly an 80% decline in net income for the fourth quarter of 2011, impacted by increased costs related to its ongoing restructuring. Rio de Janeiro-based Oi said net profit reached BRL140.7 million (USD77.1 million) for the period under review, compared to BRL704.8 million in 4Q10, as costs climbed to BRL475.6 million from BRL310.7 million a year earlier. Industry watchers are predicting a difficult year ahead for Oi, which is reorganising itself to create a more simplified corporate structure
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OVETEL TNL (Oi) reports falling Q4 profits on restructuring costs
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