Spanish telecommunications provider San Carlos Telecom is reporting a big loss on its latest quarter, a move that could signal that the company has been in the red for some time.
San Carlos said in a statement on Wednesday that the third-quarter net loss was €0.4 billion ($0.8 billion), or 13 cents a share, which was down 10 cents or 2.2 per cent from a year ago.
The company is forecasting a net loss of €1.3 billion ($1.8 million) for the year.
The company also reported a €5.5 billion ($6.5 million) charge for restructuring activities in 2016, a significant increase over the €4.3 million ($5.6 million) it made in 2015.
The statement also said that the telecoms giant expects to generate net profits of €2.5 to €3 billion in 2019, compared to €2 billion in 2018.
The statement said the restructuring activity was not included in the fourth-quarter results, which were released last week.
San Carlos Telecom has been struggling to recover from the financial crisis in Spain.
It has also been hit by falling internet traffic and slower broadband speeds.
In the fourth quarter, the telecom lost €2 million ($2.1 million) in profit, down from €6.7 million ($8.3) a year earlier.
It said it had to make tough choices about future investments and it will now consider raising its dividend to 7 per cent.
The telcos biggest losses were in 2017, when it made a €3.7 billion ($4.5 billon) loss.
Its third-year net loss rose to €6 million ($7.1) after it reported a profit of €8.1 billion ($11.6 billion) last year.
It expects to recover to a profit by the end of 2018, but it has said it is unlikely to be profitable at that time.
