Mexico’s TV Azteca posted a 96% annual fall in its third-quarter net profit on Tuesday, hurt largely by higher income taxes, according to a financial filing.
TV Azteca, controlled by Mexican business magnate Ricardo Salinas Pliego, posted a net profit of 4.2 million pesos ($211,400), down from 103 million ($5.18 million) in the year-ago period.
The broadcaster said it paid 256 million pesos in income taxes during the quarter, a 53% increase from the 167.2 million recorded in the year-ago period.
Meanwhile, company revenues dropped 2.2% to 3.4 billion pesos during the July-to-September period.
TV Azteca’s debt stood at 9.8 billion pesos at the end of the period, a drop from the 12.6 billion owed the year before.
In August, the company said that some of its investors were seeking early repayment of its 2024 bond for a total of $400 million.
Pliego’s companies have been involved in a tax dispute with the Mexican government and paid a backdated tax credit of just over 2.8 billion pesos last week.
Source: El Financiero
