Profits slump at ETB

22 Mar 2004

Colombia’s national operator ETB has posted a net profit of COP143 billion (USD53 million) for 2003, down more than 43% from the previous year’s figure of COP251 billion. The company cited heavy investment in its recently launched cellular venture Colombia Móvil as the chief reason for the downturn. It also said that its 2002 profits were boosted by its divestment of shares in mobile operator Comcel. ETB’s total revenues for 2003 rose by 8.5% to COP1.39 trillion, whilst EBITDA came in at COP761 billion, a rise of 3%. ETB’s data and internet arm experienced marked growth, with turnover rising by 65% to COP72.8 billion, whilst its core local telephony division recorded modest growth of 4% (COP841 billion).