Movilnet gives CANTV figures a boost

30 Jul 2004

Strong revenue growth at Venezuela’s number two cellco Movilnet helped its parent CANTV to a net profit of VEB96.8 billion (USD50.4 million) in the second quarter, compared to a VEB27.6 billion loss twelve months earlier. Movilnet presided over a 45% annual growth in revenues to VEB290 billion, upping its contribution to CANTV’s turnover by seven percentage points to 30%. The cellco’s customer base grew 13% over the year to total 2.82 million at the end of June. CANTV’s total revenues for the quarter were up 9.4% to VEB963 billion, with fixed line sales flat at VEB632 billion. The number of fixed lines in service was up 7.3% to 2.9 million, with ADSL lines up rising 74% to 104,000. CANTV’s fixed wireless service, which was launched in March 2003, had signed up 122,000 accounts by the end of the quarter.

Venezuela, CANTV, Movilnet