May 20, 2020 / 3:37 PM / 8 days ago

Altice Europe gains subscribers in first quarter but narrowly misses core profit forecasts

May 20 (Reuters) - Telecoms and cable group Altice Europe posted on Wednesday a slightly worse-than-expected first-quarter core profit, though it made net subscriber gains against the challenging backdrop of the coronavirus pandemic.

The group, which provides fibre networks and mobile broadband to homes and businesses, reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.31 billion euros ($1.4 billion), narrowly missing a company-provided consensus forecast of 1.33 billion. This was, however, up 0.7% from 1.30 billion the previous year.

The group confirmed its 2020 guidance, saying it expected to grow its full-year revenue and core earnings and reduce its debt burden. ($1 = 0.9098 euros)

Reporting by Sarah Morland in Gdansk; editing by Emelia Sithole-Matarise

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