Telecom Argentina suffers FY19 net loss as surging inflation impacts results

11 Mar 2020

Telecom Argentina has reported consolidated revenues of ARS237.0 billion (USD3.8 billion) for the twelve months ended 31 December 2019, down 8.3% from ARS258.5 billion on an annualised basis. Operating income for the year under review decreased 51.7%, from ARS32.7 billion to ARS15.8 billion, while net income attributable to the controlling company slumped 154.0% from a profit of ARS8.1 billion in 2018 to a net loss of ARS4.4 billion in 2019. For comparative purposes, the telco notes that ‘it is important to highlight that the results restated for inflation corresponding to December 2018 contain the effect of year-over-year inflation as of December 2019, which reaches 53.8%’.

In operational terms, cellular unit Telecom Personal reported 19.084 million subscribers at end-2019, while the group’s Paraguayan cellco, Telecom Personal Paraguay, claimed 2.326 million subscribers at year-end. Finally, the combined Telecom Personal-Cablevision fixed line business accounted for a total of 4.123 million fixed broadband subscribers at end-December alongside 3.183 million fixed voice customers.

Argentina, Telecom Argentina (incl. Cablevision)