October 30, 2018 / 11:32 AM / 19 days ago

Telefonica Brasil reaps benefits of positive tax rulings in third quarter

SAO PAULO, Oct 30 (Reuters) - Telefonica Brasil reported a sharp rise in third-quarter net profit, thanks in large part to major one-off benefits from tax rulings.

In a securities filing, Brazil’s largest telecom firm said net profit surged 160 percent from the same period last year to 3.177 billion reais ($855 million), while earnings before interest, taxes, and depreciation jumped 30 percent to 4.78 billion reais.

$1 = 3.72 reais Reporting by Gram Slattery; Editing by Bernadette Baum

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