TSP Telecomunicacoes de Sao Paulo S.A. - Telesp

Telecomunicacoes de Sao Paulo SA (TLPP4.BR), or Telesp, Thursday reported a first-quarter net profit of 418.3 million Brazilian reais ($258 million), down 14% from a year earlier.

Telesp, which is controlled by Spain's Telefonica SA (TEF), attributed the decrease to higher operational expenses, which rose to BRL2.77 billion from BRL2.6 billion in the year earlier period.

Net revenue was BRL5.39 billion, up from BRL5.26 billion a year earlier.

The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 6.8% to BRL1.188 billion. The company posted an Ebitda margin, considered a key indicator of profitability, of 30%, down from 32.8%.

Telesp invested a total BRL373.2 billion in its operations last quarter, up 4.4% from the first quarter of 2010.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

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