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Telecom Argentina S.A. (NYSE: TEO; BYMA: TECO2) is a leading telecommunications provider in Argentina, serving the northern region including Buenos Aires. The company offers a comprehensive range of services combining mobile telephony, cable television, Internet, and fixed telephony, often referred to as quadruple play services. Additionally, Telecom Argentina extends its coverage to Paraguay, Uruguay, and the United States, providing mobile, Internet, satellite TV, and fixed wholesale services.
Telecom Argentina consistently works on improving its infrastructure and service offerings. In Argentina, the company has made significant strides in deploying 4G and 4G+ networks and is preparing for the introduction of 5G technology. This includes enabling 5G DSS sites across multiple locations to enhance network capacity and coverage.
As of June 30, 2023, Telecom Argentina's mobile subscriber base in Argentina and Paraguay reached 22.9 million, with mobile service revenues totaling P$209,633 million in the first half of 2023. The company also serves 3.4 million cable TV subscribers and 4.1 million broadband Internet customers in Argentina, maintaining a substantial market presence despite economic challenges.
The company has recently reported various financial metrics: for the six months ending June 30, 2023, Telecom Argentina recorded a net income of P$39,407 million, with consolidated revenues amounting to P$517,253 million. The company continues to invest in its infrastructure, with capital expenditures focused on enhancing service quality and expanding network capabilities.
Telecom Argentina also innovates in the fintech space with its virtual wallet service, Personal Pay, which reached nearly 1.2 million customers, offering features like remunerated balance services and prepaid cards for teenagers.
In terms of corporate strategy, Telecom Argentina aims to leverage synergies from its merger with Cablevisión S.A. and continue its expansion in digital transformation and new technologies.
Telecom Argentina (NYSE: TEO) announced its 1H24 and 2Q24 results, highlighting key financial metrics and operational performance. Consolidated Revenues for 1H24 were P$1,666,979 million, a decrease of 13.3% compared to 1H23. Service Revenues totaled P$1,572,594 million, down 11.7% year-over-year. The company noted high inflation, impacting performance.
Mobile accesses in Argentina increased to 21.2 million, while broadband and Pay TV subscribers saw slight declines. Operating Income before D, A & I margin improved to 29.7% in 1H24 and 29.1% in 2Q24.
Net income soared to P$859,223 million, driven primarily by exchange rate gains. Investments amounted to P$315,946 million, representing 19% of revenues. Net Financial Debt decreased by 34.2% in real terms to P$2,189,225 million.
Despite a challenging economic environment, there was a noted recovery trend in Service Revenues in 2Q24. The company remains focused on expanding its 4G and 5G networks and improving broadband services.
Telecom Argentina S.A. announced a Net Income of P$675,032 million for the first quarter of fiscal year 2024, with Consolidated Revenues of P$683,916 million. Despite a decrease in service revenues due to lower price increases than inflation, the subscriber base showed growth. Operating costs decreased, resulting in stable Operating Income. The Company recorded a net income increase mainly due to exchange rate gains. Investments in PP&E increased, while net financial debt decreased. Mobile services and internet revenues declined, while cable TV services saw a significant decrease. The Company faces challenges in maintaining revenues amidst intense competition in the market.
Telecom Argentina (NYSE: TEO) has submitted its 2022 Annual Report on Form 20-F to the U.S. Securities and Exchange Commission (SEC) on March 20, 2023. The report contains audited financial statements as of December 31, 2022, and is available on the Company's Investor Relations website and the SEC site. The company has 2,153,688,011 issued and outstanding shares as of the end of 2022. Shareholders can request a hard copy of the report at no charge. The release includes a disclaimer about forward-looking statements and potential risks affecting future performance.
Cablevisión Holding S.A. (BCBA:CVH, LSE:CVH, Level 1: CVHSY), the controlling shareholder of Telecom Argentina S.A. (NYSE:TEO), announced its Full Year and Last Quarter 2022 Results on March 10, 2023. Total Revenues declined by 12.0% year-on-year to Ps. 729,182 million amid high inflation of 94.8%. EBITDA fell 22.6% to Ps. 199,796 million, leading to a reduced EBITDA Margin of 27.4%. The company reported a substantial Net Loss of Ps. 168,757 million, largely due to a goodwill impairment loss of Ps. 204,744 million. Despite a lower cost structure, the financial results reflect ongoing economic challenges in Argentina.
Telecom Argentina (TEO) reported a significant net loss of P$205,640 million for FY22, a stark contrast to a net income of P$19,362 million in FY21. The company’s consolidated revenues declined by 12% to P$729,182 million, driven by inflation and reduced service revenues of P$680,561 million. Operating income before depreciation decreased by 22.5% to P$200,380 million, reflecting an operating margin of 27.5%. The loss was primarily attributed to a goodwill impairment of P$243.9 million. Despite adding 116,000 mobile clients, cable TV and broadband accesses saw considerable declines. Financial metrics showed a decrease in shareholder equity by 24.5%. Investments dropped 27.1%, reaching P$147,266 million.
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