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Entel Group adds losses of US$20 million

Another communications company that recorded worse financial results at the end of the first quarter. The Entel Group reported a return in profits attributable to the owner of the controlling company, going from profits of $3,032 million (US$3 million) as of March 2023, to losses of $20,431 million (US$20 million) in the same period this year.

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In this regard, the company chaired by Juan Hurtado Vicuña, pointed out that “the fStrong rise in the price of the dollar registered in recent months impacted foreign investments of the firm, which forced a tax provision of $47 billion that impacted net income and caused losses of $20 billion in the period.”

The above, despite the fact that Its revenue during the first quarter of the year experienced growth of more than 8% going from $601,409 million (US$612 million) in 2023 to $649,744 million (US$661 million) in the last period. The increase in revenue was driven by both its operations in Chile and Peru.

According to the company, in Chile it reported an increase of 4% from $401,936 million (US$409 million), to $417,329 million (US$425 million). For its part, Peru operations grew by 16%from revenues of $196,192 million (US$199 million), reaching $227,534 million (US$231 million).

In this way, Entel explains that the increase in its income was due to “better income in the equipment sale from Chile and Peru (+15% and +6% respectively); mobile phone services in Peru (+21%); fixed services in Chile associated with digital businesses, IT, and residential services of “Entel Hogar” provided through fiber networks (+7%); and services to other operators (+15%)”, they detailed.

Regarding this, the vice president of corporate finance of the Entel group, Marcelo Bermúdez, indicated that “the growth in income from businesses such as home fiber optics, IT services and Entel Digital is a positive sign. “They are signs that our income diversification strategy is moving forward.”

Ebitda, meanwhile, reached $187,770 million (US$191 million), which meant a growth of 42.1% in the first three months of the year versus $132,123 million (US$134 million) in the first quarter of last year. Without considering the costs one time registered in 2023 the increase is 3.3%, according to Entel.

The operating result for the period grew by 706% up to $51,836 million (US$51 million), compared to $6,431 million (US$6 million) in the first quarter of 2023.

Bermúdez expressed that “despite this greater provision of taxes, we see a positive quarter in which the different operating indicators reflect that we are in a solid position: revenues are growing, EBITDA is growing and our debt ratio continues to decline. This is especially important when we have a financially challenged industry.“, said.

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