Telenet remains stable despite coronavirus

Telenet remains stable despite coronavirus
Credit: Belga

Telenet’s income this year is expected to be generally stable compared to 2019 despite the effects of the coronavirus pandemic, the telecom provider announced on Tuesday.

In fact, Telenet counted €653 million in revenue in the first quarter of 2020, up by 4% year-on-year. This is “a reflection of the full quarter contribution of De Vijver Media, which we acquired in June 2019,” Telenet said

The new coronavirus (Covid-19) did have some impact, however. “On a rebased basis, our sales remained almost stable, with an improved trend in our subscription revenues almost fully offset by lower revenues from business services and other revenues, partly as a result of the impact of COVID-19 on our ICT, telephone and advertising revenues,” the company explained.

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Telenet also recorded a net profit of €153.2 million in the first quarter, a significant year-on-year increase. Adjusted earnings before interest, taxes, depreciation and amortization reached 345.6 million, an 8% increase compared to last year.

Telenet also recorded a net inflow of 8,100 broadband subscribers, its best performance since the second quarter of 2016.

The company maintains its free operating cash flow forecast for the period 2018-2021 but slightly adjusts its outlook for the 2020 fiscal year due to the temporary impact of the coronavirus pandemic, predicting a decrease in turnover of approximately 2% and adjusted EBITDA of 1%.

“Excluding other revenues, which include interconnect, handset related revenues and advertising and production revenues generated by our local media company De Vijver Media, our operating income is expected to remain generally stable compared to 2019,” the provider concluded.

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