The red numbers are due to the higher tax expenses associated with exchange rate effects, the company noted on its results report.

Chile-based telecommunications company Entel recorded 20.43 billion Chilean pesos (US$ 21.7 million) losses during the first quarter of the year, compared to net profit of 3.0 billion Chilean pesos (US$ 3.2 million) in the same period a year ago.

The red numbers respond to higher tax expenses associated with exchange rate effects, the company reported.

Following this result, the company's shares fell nearly 1%, trading at 3,170 Chilean pesos (US$ 3.37).

In all, Entel's revenue rose by 8.4% in year-on-year terms in the first quarter of the year, reaching 664.65 billion Chilean pesos (US$ 708 million). By markets, revenue grew by 16% in Peru and 3.8% in Chile.

For their part, operating costs fell 0.9% compared to the first three months of 2023, to 476.87 billion Chilean pesos (US$ 508 million).

Meanwhile, Ebitda went to 187.77 billion Chilean pesos (US$ 200 million), 42.1% higher than in the same period the previous year, with an Ebitda margin of 28.3%, 6.7 percentage points more.