Altice Lifts Profit, Gains Subscribers in France
March 15 2016 - 3:00AM
Dow Jones News
PARIS—Altice NV, the telecoms group buying Cablevision Systems
Corp. for $10 billion, said Tuesday it had met its 2015 targets,
boosted by an improving sales trend at the company's French unit
that swung to subscriber growth in the last three months of the
year.
The company, founded by billionaire entrepreneur Patrick Drahi,
posted earnings before interest, taxes, depreciation and
amortization—or Ebitda—up 18% to €6.76 billion ($7.5 billion) in
2015, beating analysts' expectations.
Altice didn't publish a net profit figure.
Revenue at SFR, accounting for more than half of Altice's sales,
fell 3.5% to €11.04 billion. Portugal Telecom revenue was down 7.3%
in the year to €2.34 billion as Altice continued to restructure the
business.
Revenue at Altice overall were flat year on year at €17.5
billion.
"We have strengthened our management team and during 2016 we
will continue to be very focused on further improving operational
and financial performance, integrating the businesses we have
acquired and pursuing the efficiency target we have set out," said
Chief Executive Dexter Goei.
Altice has used debt over the past two years to form a vast
telecommunications empire ranging from France to Portugal and the
U.S. In September it agreed to buy New York-based Cablevision
Systems Corp. for $10 billion.
The company's share price has dropped 45% since its peak last
year as investors questioned Altice's ability to grow its portfolio
of businesses while keeping a tight lid on costs.
Write to Nick Kostov at Nick.Kostov@wsj.com
(END) Dow Jones Newswires
March 15, 2016 02:45 ET (06:45 GMT)
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