After the nightmare year that saw the collapse of BES bank gobble-up almost €900 million of Portugal Telecom money, the company has registered total losses for 2014 of €302.8 million. As Exame website points out the €900 million played a huge part in the annual loss of €1.3 billion suffered by Brazilian company Oi which was meant to have had a glittering partnership with PT but which now is seen very much as the final straw that broke the camel’s back.
“The consolidation of Oi’s results weighed heavily on PT’s losses in 2014”, reports the website. Via “patrimonial equivalence”, PT had losses of almost €380 million due to its “participation in the results of the Brazilian operator and in controlling holdings”.
Ironically, the fusion of PT with Oi had been hailed initially as a way of creating a leading global brand.
