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ATUS WI - Altice USA Inc News Story

$17.71 0.0  0.1%

Last Trade - 08/06/18

Sector
Telecoms
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £7.04bn
Position in Universe th / 6846

UPDATE 1-Altice Europe beats Q2 core profit forecasts, reduces debt burden

Thu 30th July, 2020 4:53pm
(Adds details on debt)
    PARIS, July 30 (Reuters) - Telecoms and cable group Altice
Europe  ATCA.AS  beat expectations for second quarter core
operating profit on Thursday as it managed to contain the
fallout on earnings from the COVID-19 pandemic by adding new
subscribers.
    The debt-laden group founded by Franco-Israeli tycoon
Patrick Drahi also repaid part of its loans during the second
quarter, which saw it sell its stake in sister company Altice
USA  ATUS.N .  
    Adjusted earnings before interest, taxes, depreciation and
amortisation (EBITDA) edged 0.3% higher from a year earlier to
1.44 billion euros ($1.70 billion), above a company provided
consensus forecast of 1.37 billion euros. 
    Revenues were down 1.2% to 3.54 billion euros, also beating
the consensus by close to a 100 million euros. 
    The Amsterdam-based listed group, which has businesses from
Portugal to France and the Dominican Republic, has embarked on a
series of asset sales and cost cuts since 2017, laying the
ground for significant refinancing operations, which lowered
debt charges and spread payments. 
    "The group monetized its stake in Altice USA and has repaid
1.2 billion euros of debt since April 2020," Drahi said in a
statement, adding that the group would continue to focus on
reducing debt. 
    In France, Altice Europe's main market bringing in 70% of
revenue last year, the group added 37,000 new broadband
customers as well as about 99,000 new mobile clients during the
quarter which was marked by a strict nationwide lockdown to
fight the virus.
    The group confirmed its full-year targets for 2020,
including growth in revenue and core earnings.
    Its net debt stood at 29 billion euros at the end of June,
more than 2 billion euros lower than at the end of March.
 
($1 = 0.8488 euros)

 (Reporting by Mathieu Rosemain, Editing by Sarah White and
Susan Fenton)
 ((Mathieu.Rosemain@thomsonreuters.com; +33 1 4949 5182; Reuters
Messaging: mathieu.rosemain.thomsonreuters.com@reuters.net;
Twitter: https://twitter.com/MathieuRosemain))
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