Canbras announced its first-quarter results on Monday, April 28, including details of debt restructuring and negotiations with prospective buyers. It said several offers have been made but the board of directors hasn?t found any of them satisfactory so far.
With regard to the debt, Canbras remains cautious about the risk of default in early May because of maturities totaling 9.25 million US Dollars. In particular, it says Canbras/TVA isn?t in a position to repay this portion without refinancing. Talks with creditors made progress in the first quarter but the risk of default hasn?t gone away, Canbras admits.
Revenue totaled some 31 million Brazilian Reals in the first quarter, falling 21.5% year over year in dollar terms. EBITDA was 7m BRL and net income almost 1m BRL.
The subscriber base lost moderately in the period, closing March on 191,230 compared with 191,440 in December. Seventy-two thousand subscribers were paying for the most expensive programming package at the end of the first quarter.
The number of Internet customers rose from 12,900 in December to 13,300 in March. Average revenue per subscriber was 64.39 BRL. In the pay-TV segment, revenue averaged 52.36 BRL per subscriber.