February 27, 2020 / 7:16 AM / a month ago

UPDATE 1-Swiss telco Sunrise expects higher 2020 core profit on subscriber additions

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Feb 27 (Reuters) - Swiss telecommunications provider Sunrise Communications Group AG on Thursday forecast an increase in 2020 core profit after reporting slightly higher than expected full-year results on higher customer additions.

The company said it sees its 2020 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) between 675 million and 690 million Swiss francs ($691 million to $707 million) as it expects its ongoing investment in network quality to start paying off.

Apart from investments in an accelerated 5G rollout, which Sunrise intends to continue in 2020, the company’s 2019 free cash flow was impacted by one-off payments after shareholders blocked its $6.3 billion bid for Liberty Global’s Swiss cable unit UPC.

Sunrise reported 2019 revenue of 1.89 billion Swiss francs, slightly above the 1.86 billion expected on average by analysts in a company compiled consensus, and adjusted EBITDA broadly in line with expectations at 668 million francs due to rising customer numbers in business-to-business (B2B), postpaid mobile, internet and TV. ($1 = 0.9763 Swiss francs) (Reporting by Zuzanna Szymanska in Gdansk; Editing by Sriraj Kalluvila and David Evans)

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