Increased tax bill hurts Megacable net profit

24 Jul 2009

Mexican fixed line and broadband operator Megacable has released its financial results for the three months ended 30 June 2009, posting a 10% year-on-year drop in net profit on the back of increased tax costs. Net profit for the quarter was MXN503 million (USD37.8 million), down from MXN561 a year earlier, as income tax surged 928% year-on-year to MXN210.3 million. Revenue for the operator meanwhile rose by 19%, reaching MXN1.67 billion compared to MXN1.4 billion at end-June 2008. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 2% to MXN716 million.

Mexico, Megacable