Orange Spain loses over €400m in 2021
October 13, 2022
From David Del Valle in Madrid
Amidst the merger process with MásMóvil, Orange Spain lost €414 million in 2021 versus €130 million of profit the previous year.
Tougher competition with low cost offers and the cost of compensation following the dismissal of 400 workers are behind the financial performance.
By contrast, MásMóvil had a net benefit of €189 million in 2021 versus €77 million losses in 2020.
Orange and MásMóvil are merging and will soon set up a new company, shared 50/50, due to be up and running in the last quarter of 2023. Prior to this, they will need the approval of the EC whose decision will be known in the second quarter of next year. Their merger is welcomed by the Spanish Government and the regulatory body CNMC.