CANTV expects high losses thanks to currency fluctuations

29 Apr 2003

Venezuala’s largest telephone company Nacional Teléfonas de Venezuela (CANTV) says the downturn in the domestic economy may cost it as much as USD195 million as the government moves to limit dollar sales. The company, which is 28.5%-owned by Verizon Communications expects to post losses of between USD73 million and USD195 million, or up to USD1.74 per American depositary receipt.