TORONTO-Telesystem International Wireless (TIW) shares fell to a record low after the company posted a large second-quarter loss and took a charge against its Brazilian wireless operation.
The company’s shares fell 28 Canadian cents (US$0.18) to 39 Canadian cents (US$0.25) on the Toronto Stock Exchange.
The Montreal-based company, which has equity in wireless carriers in Europe and India, reported a net loss of US$89.7 million, compared with a year-ago loss of US$121.7 million. Revenue rose to US$165.9 million from US$122.4 million.
The loss includes a US$129.6 million non-cash charge against its Brazilian wireless business, which is now being treated as a discontinued operation. In March, TIW said it planned to sell its 49-percent interest in Brazil’s Telpart, which owns Telemig Celular and Tele Norte Celular, two of Brazil’s most profitable wireless companies.
The decision to sell its Brazilian assets will leave TIW with 54.4 percent of Romania’s MobiFon, 19.8 percent of Cesky Mobil in the Czech Republic and 12.7 percent of a wireless carrier in India.
