Brazilian telecom Telecomunicacoes de Sao Paulo (TBH, TLPP4.BR), or Telesp, reported fourth-quarter net profits Thursday of 544.8 million Brazilian reals ($294 million), down 24.7% from the same period last year.

Telesp, which is controlled by Spanish telecommunications giant Telefonica S.A. (TEF), attributed the drop in its net profit in the period to a decline in local service revenue.

In the fourth quarter, the company reported a loss of BRL51.2 million in its financial operations, compared with a loss of BRL43.5 million in the year ago period.

Telesp reported net revenue of BRL3.9 billion in the fourth quarter, down from BRL4.1 billion in the fourth quarter of 2008.

The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 6.4% to BRL1.39 billion. The company posted an Ebitda margin, considered a key indicator of profitability, of 35%, down from 41% in the fourth quarter of 2008.

Telesp also said that 2009 net profits dropped 10.2% to BRL2.17 billion, with total Ebitda reaching BRL5.87 billion, down 10.4% from 2008.

-By Kenneth Rapoza, Dow Jones Newswires, 5511-2847-4541, kenneth.rapoza@dowjones.com
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