BUENOS AIRES, Argentina, Aug. 2, 2011 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL), whose sole substantial activity is owning 54.741682% of the stock of Telecom Argentina S.A. ("Telecom") and whose sole substantial source of cash income is cash dividends and other distributions paid on such stock, today announced consolidated net income of Ps. 676 million for the second quarter of fiscal year 2011.
Nortel's consolidated financial results for the second quarter of fiscal year 2011 are substantially identical to Telecom's results for the same period, after accounting for minority interest and financial income and expenses at the holding- company level.
The Annual and Extraordinary General Meeting and Special Class "A" Preferred Stockholders' Meeting held on April 7, 2011 – together with the meeting of the Board of Directors held on April 18, 2011 in connection with the last three issues-approved, among other matters:
- The Annual Report and Financial Statements as of December 31, 2010
- The appointment of Price Waterhouse & Co. as external auditors of the Company
- The ratification of the payment of a provisional dividend declared by the Board of Directors on its October 5, 2010 meeting
- The scheduled redemption of 242,454 Class "A" Preferred Shares for a total redemption price of AR$ 196,232,576.23
- The payment of the basic dividend accumulated by the Class "A" Preferred Shares subject to the scheduled redemption mentioned above for a total amount of AR$32,408,111.67
An Annual and Extraordinary General and Special Class "A" Preferred Stockholder´ Meeting has been called for August 2, 2011, in order to consider a new partial redemption of Class "A" Preferred Shares and payment of a cash dividend to the Class "A" Preferred Shares subject to such redemption.
FINANCIAL TABLES BELOW
NORTEL INVERSORA S.A.
SECOND QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2011
(In millions of Argentine pesos, except statistical and ratio data)
Consolidated Balance Sheet (*)
Total shareholders' equity
Total liabilities and shareholders´ equity
(*) As a consequence of the application of the new rules, the comparative information for the intermediate periods of the Annual Financial Statements should be the one corresponding to the last complete fiscal year. The comparative information of the Income Statement, evolution of Shareholders ´ Equity and Cash Flow Statements should be the one corresponding to the equivalent period of the previous fiscal year.
Consolidated Income Statement
Cost of services provided
administrative and selling expenses
Equity gain from related companies
Financial results, net
(a) Current Assets to current liabilities
(b) Total liabilities to shareholders´ equity plus third party interests.
Jorge Alberto Firpo General Manager Nortel Inversora S.A. (5411) 4 968-3630
SOURCE Nortel Inversora S.A.