Markets

Mexico’s TV Azteca Q3 net profit drops 96% due to higher taxes and expenses by Stocksak


© Stocksak. FILE PHOTO – The logo of Mexican broadcaster TV Azteca can be seen outside its headquarters in Mexico City on February 12, 2018. REUTERS/Edgard Garrido

MEXICO CITY – Mexico’s TV Azteca suffered a 96% fall in its third-quarter net profits on Tuesday. This was largely due to higher income tax rates, according to a financial filing.

TV Azteca was controlled by Ricardo Salinas Pliego a Mexican business magnate. It posted a net loss of 4.2 million pesos ($211,000.) This is down from 103million ($5.18 million), in the same year.

The broadcaster claimed it paid 256million pesos in income tax during the quarter. This is 53% more than the 167.2 millions recorded in the previous year-ago-period.

During the July-toSeptember period, revenues for companies fell 2.2% and reached 3.4 billion pesos.

TV Azteca’s debt was 9.8 billion pesos at end of the period. This is a decrease from the 12.6 million owed the previous year.

The company stated that its investors had requested early repayment of its 2024 bond, totaling $400 million, in August.

Pliego’s companies were involved in a tax dispute against the Mexican government. They paid a backdated tax credit just over 2.8 million pesos last Wednesday.

($1 = 19.8700 Mexican pesos

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button