Deferred taxes and forex gains see Megacable reveal 34% increase in net profit

22 Feb 2013

Mexican cableco Megacable has released its financial results for the three months ended 31 December 2012, reporting a 34% year-on-year increase in net profit on the back of ‘the favorable effect of deferred income taxes, in addition to the integral financing result, net, given the exchange rate income reported in the accumulated results’. In the last quarter of 2012 Megacable posted a net income of MXN478 million (USD36.9 million), up from MXN356 million in the corresponding period of 2011, on revenues that increased by 6% to MXN2.279 billion. Adjusted EBITDA for cable operations in the three-month period stood at MXN909 million, up 4% y-o-y, while consolidated EBITDA totalled MXN922 million, also up 4% compared to 4Q11.

As at 31 December 2012 Megacable reported 834,781 cable broadband accesses, representing a 22% increase compared to the 682,726 such connections it had a year earlier. Fixed voice customers meanwhile numbered 555,900, up 12% from 495,205 at end-2011. With regards to the status of its network, Megacable confirmed that the number of homes passed by its cable infrastructure had increased 8%, with an increase of more than 3,500 kilometres of network year-on-year, and at the end of 2012 approximately 6.2 million homes passed, with 97% of the network offering bi-directional services.

Mexico, Megacable