CVM decision boosts Oi's results.
With this decision, Oi announced that it will adjust its 2012 net profit from 837 million reais to 1,785 billion reais.
SAO PAULO, April 26 (Reuters) - Brazilian telecommunications company Oi announced on Friday that a favorable decision by the Securities and Exchange Commission regarding the accounting treatment of its acquisition of Brasil Telecom will result in an increase in its adjusted net profit for 2012 of approximately 948 million reais.
With this decision, Oi announced that it will adjust its 2012 net profit from 837 million reais to 1,785 billion.
The company's shares were trading 0,76 percent higher at 10:32 AM, at 5,33 reais, while the Ibovespa was down 0,16 percent.
"The CVM board, in a unanimous decision on April 24, accepted Oi's arguments that reversing the aforementioned capital gain recorded at Oi (totaling R$12,849 billion in December 2012), and its reinstatement at Telemar Participações, is the most appropriate accounting treatment for this event," Oi stated in a market announcement.
(By Alberto Alerigi Jr.)