The Invertia.com portal reported that according to the financial balance published by the company to its investors, most of the losses (2,108 million reais -US$885.7 million) were accounted for in the last quarter of 2008, when the dollar rose from about 1.60 to 2.50 reais as a result of the global financial crisis.
However, the firm's liquid revenues fell by only 4%, from 18,788 million reais (about US$7,894.1 million) in 2007 to 17,960 million reais (about US$7,546.2 million) in 2008.
This allowed the company to close the year with a positive operating result (Ebitda) of 2,418 million reais (about 1,015.9 million dollars), although 26 percent lower than in 2007.
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