Altice Europe: profit better than expected; shares jump
(CercleFinance.com) - Altice Europe, the European telecoms and cable holding company founded by billionaire Patrick Drahi, has reported better-than-expected quarterly operating profit, driven by the strong performance of its key French unit.
Altice said its first-quarter group adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 7.2%, while its EBITDA margin was 36.9%, up 1.5 points year-on-year.
Revenue fell by just 0.4% on a reported basis, compared to a 1.7% drop in the fourth quarter of 2018 and a 3.5% fall in 2018.
Altice's French telecoms business achieved a good level of customer acquisition in the first quarter, in a market with fewer special offers, while reducing churn in both fixed and mobile.
As a result, Altice France reported positive revenue growth and a significantly improved EBITDA trend in the first quarter (+4.5% as reported), the group said.
The Altice Europe share, listed on Euronext Amsterdam, is currently up 5.5% after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Altice said its first-quarter group adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 7.2%, while its EBITDA margin was 36.9%, up 1.5 points year-on-year.
Revenue fell by just 0.4% on a reported basis, compared to a 1.7% drop in the fourth quarter of 2018 and a 3.5% fall in 2018.
Altice's French telecoms business achieved a good level of customer acquisition in the first quarter, in a market with fewer special offers, while reducing churn in both fixed and mobile.
As a result, Altice France reported positive revenue growth and a significantly improved EBITDA trend in the first quarter (+4.5% as reported), the group said.
The Altice Europe share, listed on Euronext Amsterdam, is currently up 5.5% after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.