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Brazilian state run telco Telebrás posted 30.2mn-real (US$17.2mn) net losses in the third quarter of the year, 143% higher than the 12.4mn-real loss reported in the year-ago period, news source Teletime reported.
Telebrás reportedly attributed the results to an increase in the payroll and social charges due to the hiring of personnel, as well as other hikes in operating expenses.
Telebrás, which posted third quarter revenues of 23mn reais, expects its net worth to increase to 287mn reais from 198mn reais, thanks to 14.8mn reais in government funding expected for month's end.
On October 4, the state-controlled telco received its first capital injection from the government, of 54mn reais, Teletime said.
Telebrás was reactivated by Brazilian authorities to manage national broadband plan PNBL, being responsible for the backbone structure needed for the project. Telecom operators interested in taking part in PNBL need to hire Telebrás' installed network.
It is expected that after PNBL's implementation phase is finished, Telebrás can start generating revenues through the sale of network capacity to telecom operators and internet providers.