(Telecompaper) Brazilian operator Oi reported first quarter net revenues of BRL 6.76 billion, down 4.4 percent year on year, impacted by MTR cuts, increased competition resulting form the ongoing economic recession and costs related to a debt it's in the process of restructuring. EBITDA fell 12.6 percent to BRL 1.69 billion, due above all to lower revenues, while the company's net loss widened to BRL 1.64 billion from BRL 469.9 million a year earlier. Capex increased 22.3 percent year on year to BRL 1.20 billion in the quarter, focusing mainly on network modernisation as part Oi's transformation plan to support recently-launched offers and improve customer experience. Oi also announced that its debt was BRL 49.4 billion at the end of the first quarter, down from BRL 54.9 billion, with almost 80 percent held in foreign currencies.