February 22, 2013 / 2:41 AM / 5 years ago

Mexico's Megacable says Q4 profit up 34.4 pct

MEXICO CITY, Feb 21 (Reuters) - Fourth-quarter profit at Megacable Holdings, one of Mexico’s largest cable operators, rose 34.4 percent year-on-year, helped by deferred taxes and foreign exchange gains, the company said on Thursday.

The Guadalajara-based firm reported a profit of 478 million pesos ($37.17 million), up from 356 million pesos in the fourth quarter of 2011.

Quarterly revenue climbed 5.5 percent to 2.28 billion pesos ($177.12 million) from 2.16 billion pesos a year earlier.

Megacable’s tax liability during the fourth quarter dropped 60.9 percent to 74 million pesos, compared with a 189 million peso tax bill for the year-ago quarter.

The company said for the year ending in December 2012 it counted 2.1 million video subscribers, up 8 percent from 2011.

Megacable shares closed down 0.18 percent at 33.970 pesos before the results were issued.

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