Entel decides not to distribute interim dividend this year after poor results

Entel decides not to distribute interim dividend this year after poor results

The Chilean telecommunications group Entel said on Tuesday that it will not provide a provisional dividend this year after its meager accumulated results in the third quarter, which have been affected by higher costs and lower operational performance.

Entel, with operations in Chile and Peru, reported an accumulated loss of 28,882 million pesos (US $ 43.6 million) between January and September.

"Considering the results […] no interim dividend will be distributed within this year, "Entel said in a letter to Chilean regulator.

Entel's shares traded up 2.61% to 5,370 pesos per unit at half a session on the Stock Exchange.

"Entel faces a complicated macroeconomic scenario and much competition in Chile, which is reflected in the contraction […] of the margin in this country. However, the results in Peru show that the break-even point will soon be reached, "said a report by the Banchile brokerage.

Source: Reuters

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