logo
Share SHARE
FONT-SIZE Plus   Neg

NII Holdings Swings To Loss In Q4

NII Holdings Inc. (NIHD) the company that provides wireless communication services under the Nextel brand name, Thursday posted a loss for the fourth quarter particularly on the back of increased impairment and restructuring charges.

For the period, the company posted net loss of $592.9 million versus a profit last year of 3.2 million. On a per share basis, loss stood at $3.45 compared with a profit of $0.02 a year ago.

Ten analysts on average polled by Thomson Reuters estimated loss per share of $1.21 for the quarter. Analyst estimates typically exclude one-time items.

Operating loss for the fourth quarter reflects one-time charges associated with NII Holdings's actions to improve its subscriber base in Brazil and a $299 million non-cash asset impairment charge to write down the value of its assets in Chile, said the company in a statement. Impairment and restructuring charges for the three months totaled $306.5 million versus nil last year.

Operating revenue for the period slipped to $1.465 billion from $1.599 billion for the corresponding period last year, mainly dragged down by service and other revenues. Analysts were hoping for higher revenues of $1.50 billion.

For the three months, the company said it added about 2,000 net subscribers to its network, which reflects the impact of its decision to accelerate the deactivation of unprofitable customers in Brazil, which resulted in a 292,000 net subscriber loss in Brazil for the quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of French lender Societe Generale SA were gaining around 4 percent in the early morning trading in Paris after the company reported Wednesday higher profit in its first quarter, even as net banking income was weak. Looking ahead, Chief Executive Officer Frédéric Oudéa said, "With a sound balance sheet and robust solvency ratios, the Group is confident about its outlook for 2016,.. After serving up a sumptuous quarterly performance, McDonald's is out experimenting to further enhance its appeal to customers. The fast food chain is testing garlic fries at four restaurants in South Bay locations as part of an experiment with regional flavors and food on its menu. Media entertainment company CBS Corp. (CBS, CBS-A), Tuesday reported an increase in profit for the first quarter, driven largely by double-digit increase in revenues reflecting strong performance of television network segment. The New York-based company's first-quarter profit rose to $473 million...
comments powered by Disqus
Follow RTT