CANTV 1Q profit down 37% as mobile costs and taxes go up

27 Apr 2006

Venezuela’s largest telco CANTV’s first quarter profit fell 37% year-on-year to USD86 million from USD137 million because of higher taxes and operating costs related mainly to its mobile division. Total operating expenses climbed 42% to USD564 million and income tax reached USD29 million, compared with a USD7 million tax benefit a year earlier. Operating revenue in the quarter rose 32% to USD670 million, up from USD507 million.

Venezuela, CANTV