MEO turnover €503 million in second quarter

 In Investment, News

Altice Europe, the group that owns the operator MEO in Portugal, saw revenues fall in the second quarter of 2018.

At the same time the Dutch company’s net debt increased to €31.858 million, up 1.7% on figures recorded at the end of March.

The group registered consolidated receipts of €3.47Bn at the end of the second quarter, representing a fall of 1.4% in relation to revenues that had been recorded in the previous quarter.

In Portugal, where the group controls the former PT Portugal and MEO, consolidated revenues  stood at €503 million, up 1.6% on Q1 while compared to Q2 of 2017 Altice Portugal revenues have slid 5.4%.

Despite the fall in revenues, Altice managed to increase its EBITDA (results before interest, taxes, depreciation and amortisation), which stood at €1.315Bn, up 4.4% on the first quarter.

Despite weaker results, Altice maintains its forecasts for 2018: “Altice would stress its plans for a growth in receipts  and EBITDA and financial margins for the medium and long terms.”

Given the results, Altice shares on the Amsterdam stick market began to slide, losing around 14.5% before settling at €2.549 per share, down 11.43%.

The company says that it will use dividends from its US operations to pay off its overall debts in Europe. Altice Europe still holds 3.5% of Altice USA.

Apart from Portugal and the United States, Altice has a significant presence in France, Israel and the Dominican Republic. The company was founded in 2001 by Moroccan-born billionaire Patrick Drahi and is the second largest telecoms company in France behind Orange.