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

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Stocksak Editorial

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