ETB’s Jan-Sep net profit up 82% on year

Colombia’s state-controlled telecommunication company Empresa de Telcomunicaciones de Bogota SA, or ETB, said Thursday its net profit over the first nine months of this year rose 82% compared with the same period a year ago to 268 billion Colombian pesos (US$136 million).

ETB’s revenue from local and long-distance calls and from Internet connections fell 1.2% to COP963 billion, it said in a filing to the Colombian market regulator.

ETB, which is 86.59% owned by the Bogota city council, is currently seeking a controlling private partner to invest in its expansion.

The process was suspended, though, by a local court after the company’s labor union sued.

Related posts

Colombia’s Senate agrees to begin decentralizing government

Colombia’s truckers agree to lift blockades after deal with government

Truckers shut down parts of Colombia over fuel price hikes