CANTV profits fall 9.4%

14 Mar 2008

Venezuelan incumbent telco CANTV’s net profits in full-year 2007 fell by 9.4% to VEB1.02 trillion (USD477 million), the wholly state-owned company said in a press release. The national PSTN operator, which was re-nationalised in May last year, saw fourth quarter profits drop 57.3% year-on year to VEB165 billion. Annual revenues in 2007 stood at VEB8.32 trillion, up 22.4% from 2006, including fixed line turnover that rose 11.2% to VEB2.98 trillion, and mobile sales from subsidiary Movilnet of VEB4.15 trillion, up 27.8%, whilst its broadband internet business generated VEB1.19 trillion, a yearly increase of 36.5%. CANTV ended December with 4.2 million fixed lines in service, up from 3.45 million at the start of the year, and 755,000 DSL broadband internet customers, up 62% year-on-year, whilst Movilnet’s mobile subscriber base climbed 20% in twelve months to around 9.5 million. The group’s annual CAPEX reached VEB1.54 trillion, with a large proportion channeled into expanding broadband infrastructure and rolling out a GSM network alongside Movilnet’s CDMA-based systems.

Venezuela, CANTV, Movilnet