ICE Blames RACSA For Lion Share of Losses

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The Costa Rican company Radiographic S. A. (RACSA) is responsible for 55% of the losses of ¢15,000 million by ICE in 2011. At least this is the story coming from ICE themselves.

This means of this amount, ¢8.283 million, ICE are in red on account of the subsidiary. The rest of the ¢ 6.778 million (45%, approximately) are from telecommunications Institute.

This was stated by the chief executive of ICE, Teofilo de la Torre.

ICE closed last year with a net loss of ¢22.112 million – mostly from telecommunications.

Last March, the press released a report by the Comptroller General of the Republic, which warned of the risk on the bankruptcy of Racsa, due to the cumulative loss in profitability and lack of liquidity to confront its debts short term.

According to the report in 18 months, from January 2010 to June 2011, the firm has accumulated operating losses for ¢ 6,786,000.

Also, the utilities available increased from ¢ 6.681 million in 2007 to a deficit of ¢ 690 million at the end of the first half of last year.

According to estimates of the subsidiary included in the study, the losses would remain until 2013.

The closing numbers in red, occurred despite a capital injection of ¢ 5,800 million by the ICE in 2011.

According to De la Torre, the head office has no new caps to Radiographic. However, we continue to support the transfer of some business lines and equipment.

With respect to missing in the business of telecommunications, of ICE, and which is reflected only in the audited financial statements, De la Torre explained that comes from reduced compensation of international roaming with other operators.

Esta compensación está relacionada con lo que el ICE cobra a cientos de empresas de telefonía por el tráfico de llamadas internacionales.

Las tarifas por ese servicio se redujeron drásticamente luego de la apertura del mercado de telecomunicaciones, lo cual implicó una disminución en los ingresos.

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