CANTV doubles annual profit

13 Mar 2014

Venezuela’s Ministry of Science & Technology has announced the financial results of state-owned quadruple-play communications provider CANTV for the year ended December 2013, in which the incumbent telco’s profits more than doubled year-on-year to reach VEF5.048 billion (USD801 million), on total group revenues which reached VEF22.735 billion, TeleSemana reports. The company will contribute VEF2 billion to the Venezuelan state in annual dividends, up 11.1% compared to the previous year. At the end of 2013, CANTV had over 6.8 million fixed line voice subscribers (reportedly representing ‘87.8% of the sector’) while its mobile division Movilnet reported 16.4 million customers, (claiming ‘52% of the market’). CANTV ended the year with just over two million internet subscribers, or ‘85% of all subscribers in the country’, and its satellite (DTH) television service closed out December with around 600,000 subscribers. CANTV also disclosed that during 2013 it installed 2,200 new satellite antennas (for Venezuela’s own Simon Bolivar satellite) to reach an installed total of 8,161 antennas.

Venezuela, CANTV, Movilnet