(Reuters) - Telefonica Brasil (NYSE:VIV) on Tuesday reported its quarterly net profit rose 103.2%, helped by a tax credit recognition of 1.4 billion reais.
The telecoms operator's fourth quarter net profit of 2.628 billion reais ($519.54 million) beat the Refinitiv forecast of 1.47 billion reais.
The unit of Spain's Telefonica (NYSE:TEF) which operates under the Vivo brand said it has its biggest client base in history of 98.8 million total accesses.
Earlier, the company said it approved a share buy-back program of up to 42,383,420 common shares.
($1 = 5.0583 reais)