Euskaltel net profit down 20%
July 29, 2019
From David Del Valle in Madrid
Spain’s fifth largest telco group, Euskaltel – owned by UK investor Zegona – saw its net profit fall by 20.5 per cent in the first half of the year to €23 million. Total revenues fell by 1.86 per cent to €342.8 million until June.
The company, however, points out a change of trend in the second quarter, with EBITDA growing by 4 per cent to €84.4 million, and with 4,000 new customers to a total of 772,000 subscribers.
These are the first results of the new management led by the new CEO José Miguel García, following the entry of Zegona as the major shareholder. The group is involved in a national expansion throughout Spain.