Salem Radio Network News Wednesday, October 27, 2021

Science

Spain’s Cellnex posts wider first-half loss, raises outlook

By Joan Faus

BARCELONA (Reuters) – Europe’s largest mobile phone tower operator Cellnex reported a wider first-half net loss of 67 million euros ($79.15 million) on Thursday but raised its full-year revenue and core earnings outlook as it consolidates recent acquisitions.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) at the Spanish group rose 53% to 804 million euros versus the same period of 2020, while total revenue grew 47% to 1 billion euros.

Cellnex now expects an adjusted EBITDA of between 1.91 billion euros and 1.93 billion euros in 2021 versus a prior target range of 1.815 billion euros-1.855 billion euros, while it also hiked its revenues outlook for the full year to between 2.535 billion euros and 2.555 billion euros from around 2.4 billion euros.

Chief Financial Officer Jose Manuel Aisa said the results consolidate several investments announced last year. “We remain in a very steady trend regarding prior quarters,” he told Reuters.

Aisa attributed the 55% widening of the first-half net loss to amortizations, and what he described as a very conservative accounting policy.

Since its listing in 2015, the Barcelona-based company, which has a market capitalisation of around 37 billion euros, has invested heavily, buying up assets, assembling a portfolio of around 93,000 masts, which will reach a total of 130,000 in 12 European countries once its recent operations are finalised.

($1 = 0.8465 euros)

(Reporting by Joan Faus, editing by Inti Ladnauro)

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