Altice Europe founder Patrick Drahi hailed the turnaround of the debt-laden company’s fortunes in its largest market of France, with earnings from the operation swinging to growth.
In its Q2 results statement, the company said it had benefited from a “good level” of customer acquisitions for its SFR unit in the French market, which now features fewer promotions.
Consolidated revenue in its French operation was up to €2.6 billion, from €2.5 billion in the same quarter of 2018. However lower overheads meant EBITDA was up by €100 million year-on-year to €510 million. Net profit is not revealed on a quarterly basis.
Across the group, which also includes operations in Portugal, Dominican Republic and Israel, revenue was €3.6 billion compared to €3.5 billion in Q2 2018.
Drahi said: “The turnaround of Altice Europe is more and more evident with another key milestone in Q2 2019: residential revenue as well as total revenue in France is back to growth.”
He added the company had benefited from lower churn and decreasing call centre costs, generating “significant savings” in its home market.
Altice Europe has been attempting to reduce its mass of debt through asset sales over the past year. Although it has failed to make much of a dent in the last three months, with net debt remaining at the end of Q1 level of €30.1 billion, the amount owed has at least stopped rising. At the end of Q4, it owed €28.8 billion.Subscribe to our daily newsletter Back