May 29, 2018 / 10:43 AM / 22 days ago

Brazil's Oi reports strong first quarter as financial receipts soar

SAO PAULO, May 29 (Reuters) - Brazilian telephone carrier Oi SA reported on Tuesday a consolidated net profit of 30.54 billion reais ($8.2 billion) for the first quarter, reversing a 3.69 billion real loss in the same period a year ago.

The loss stemmed from the accounting impact of financial receipts under the company's debt reorganization agreement.

The company, in a securities filing, also reported 27.58 billion reais in other financial receipts in the first quarter, after the renovation of credit lines under the agreement, which was approved by creditors last year and is in the process of being implemented.

$1 = 3.7356 reais Reporting by Ana Mano; Editing by Susan Fenton

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