Euskaltel increases profits and subs in Q3
October 28, 2020
From David Del Valle in Madrid
Virgin Telco’s expansion has driven Euskaltel to a significant growth with a Q3 profit to September 30th of €52.1 million, up 24.5 per cent.
In the third quarter, Virgin Telco managed to increase the number of customers by 30,000 – close to the 35,000 mark initially targeted for year end. This had a very positive impact on Euskaltel, now with 800,000 total customers, raising its revenues by 1.8 per cent to €174.2 million, “the greatest growth of the last few years” according to the company.
EBITDA, though, went down by 2 per cent in the third quarter as a result of the associated costs linked to the expansion of Virgin. Nevertheless, in the first nine months EBITDA grew by 3.2 per cent to €260.2 million.
Group Euskaltel -including Virgin, R, Telecable and Euskaltel- already covers 20 million Spanish homes.