Telefônica Brasil posts 103.2% growth in Q4 net profit

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A logo at the Brazilian mobile operator Telefonica office, that is no longer in operation, is seen in Sao Paulo

– Telefonica Brasil on Tuesday reported its quarterly net profit rose 103.2%, helped by a tax credit recognition of 1.4 billion reais.

The telecoms operator’s fourth quarter net profit of 2.628 billion reais ($519.54 million) beat the Refinitiv forecast of 1.47 billion reais.

The unit of Spain’s Telefonica which operates under the Vivo brand said it has its biggest client base in history of 98.8 million total accesses.

Earlier, the company said it approved a share buy-back program of up to 42,383,420 common shares.

($1 = 5.0583 reais)

(Reporting by Carolina Pulice; Editing by Chris Reese)