2018.04.2517:58:00UTC+00TELEFONICA: Net Income Up 8.3% In 1Q18, To R$ 1.079 Billion

Telefonica Brasil's net income grew 8.3% in the first quarter compared to the same period in 2017, to R$ 1.079 billion (US$ 307.93 million). The result slightly missed the forecasts (R$ 1.145 billion) of analysts consulted by Agencia CMA.

Net operating revenue totaled R$ 10.759 billion in the period, an increase of 1.6% in the year-on-year comparison, also below the market forecast (R$ 11.771 billion).

According to Telef?nica, the figures are in line with the new accounting standard in force since January, which requires revenue to be recognized based on the contract with the customer, not necessarily in line with the billing.

Taking into account only the operating revenue of services, the increase was 1.1%, to R$ 10.450 billion.

Telefonica's monthly churn (which shows customer base control) was 3.1%, 0.2 percentage point lower than in the same quarter of 2017.