Telefonica Brasil Quarterly Profit Down 29.8%

Telefonica Brasil VIV reported a 29.8% decline in its quarterly profit. Telefonica Brasil's quarterly net income dropped to 935.8 million reais ($461 million), versus analysts' estimates of 1.042 billion reais. Its earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 3.1% to 2.9 billion reais, versus estimates of 2.824 billion reais. Telefonica Brasil shares closed at $21.80 yesterday.