CANTV's Movilnet Leads The Way But Group Profit Disappointing

July 2006 | Company Finance Alert

Venezuela-based telecoms group CANTV has announced a fall in net profits for the second time this year, albeit to a lesser extent. The operator, which provides fixed-line, broadband and mobile services, reported a fall of 16% in net profits to VEB95.6bn over the year ended Q206. This came after it posted a 44% y-o-y fall in net profits to VEB284bn in Q106. CANTV attributed its latest net profit results to an increase in operating revenues offset by lower income tax benefits and lower exchange rate gains. Meanwhile, revenues rose by 34% y-o-y to VEB1.59trn, as EBITDA increased by 12.5% y-o-y

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