CANTV reports full-year financials; sales up 17.5% to USD3.8bn

24 Apr 2012

Venezuelan state-owned fixed and mobile telecoms group CANTV has released its annual financial report for the full-year 2011. Its total net revenues for the twelve months ended 31 December 2011 climbed to VEF16.262 billion (USD3.785 billion), up by 17.5% from VEF13.835 billion in 2010. Both EBITDA and operating income (EBIT) rose marginally in 2011, to VEF3.466 billion (2010: VEF3.431 billion) and VEF2.288 billion (VEF2.272 billion) respectively. Annual consolidated net income climbed by 1.4% to VEF2.442 billion.

CANTV’s fixed network division posted revenues of VEF4.602 billion in FY2011, up from VEF4.145 billion the previous year, and increased its annual EBIT from VEF500 million to VEF568 million; fixed network twelve-month CAPEX was raised to VEF1.337 billion (VEF1.042 billion). The group’s mobile subsidiary Movilnet’s turnover rose from VEF8.063 billion in 2010 to VEF9.713 billion in 2011, although the cellular division’s annual EBIT dropped to VEF1.714 billion from VEF1.765 billion a year before. Mobile CAPEX was increased to VEF710 million in 2011, higher than 2010’s spending of VEF425 million. CANTV’s fixed line telephony subscribers reached 6.32 million at the end of 2011, up from 6.05 million twelve months earlier, according to TeleGeography’s GlobalComms Database, while Movilnet’s mobile subscriber base grew by near a million in the year to reach close to 14.8 million subscribers at the end of December.

Venezuela, CANTV, Movilnet