Iusacell Q2 loss expands on exchange rates
Bnamericas Published: Monday, July 31, 2006
Mexican mobile operator Iusacell saw its second quarter net loss expand to 867mn pesos (US$79.4mn) from 34mn pesos in the same quarter a year earlier, the company said in a statement. Iusacell attributed the downturn mainly to an increase in exchange rates for the peso against the dollar. The company registered an exchange rate loss of 430mn pesos in 2Q06 in contrast to an exchange rate gain of 425mn pesos in 2Q05. Financial operations resulted in a charge of 800mn pesos in the quarter compared to a gain of 93mn pesos a year earlier. Net revenues for the quarter were up 27% year-on-year at 1.85bn pesos compared to 1.46bn pesos, and Ebitda fell 15% to 313mn pesos versus 369mn pesos in 2Q05. Total costs were up 46% year-on-year at 1.12bn pesos compared to 763mn pesos. The company ended the quarter with 2 million clients.
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