1st SEMESTER 2016 RESULTS
■ PHAROL presented a Net loss for the period of Eur. 8.3M, mainly explained by: (a) losses of Eur. 5.7M due to the decrease in value of the Call option, and (b) operating expenses amounting to some Eur. 3.3M.
■ The book value of PHAROL’s investment in Oi as of June 30, 2016 amounted to Eur. 99.8M. During 2Q16, this investment increased Eur. 53M mainly due to the increase in share value and the strengthening of the Real (Eur. 64.1M in gains in associates and Eur.-11.1M in Equity). The gain of Eur. 64.1M during 2Q16 almost completely offset the loss registered in1Q16 amounting to Eur. 64.2M
■ PHAROL reduced its Operational Costs by 64% comparing with 1H2015, (Eur. 3.3M against Eur. 9.2M).
■ On June 9th, after the approval in the Shareholders’ General Meeting, a dividend of 3 cents per share was paid to the shareholders.