By Joan Faus<\/strong>
BARCELONA: Spain's Cellnex<\/a> reported on Thursday first-half core earnings of 1.28 billion euros ($1.29 billion), a 59% year-on-year increase, as it benefitted from its expansion plans and rising revenue. The company kept its 2022 outlook.
However, the net loss at Europe's largest mobile phone tower operator doubled to 170 million euros due to higher amortisation and costs from its 2021 acquisitions.
Cellnex, which controls 104,000 masts in 12 European countries, said earlier this month it was withdrawing its offer for a stake in Deutsche Telekom's towers business, which would have allowed it to enter the German market in an estimated 18 billion euro deal.
Many telecoms firms have carved out towers businesses, or launched joint ventures with independent companies, as a way to monetise part of the business and keep a chunk for future gains.
For 2022, Cellnex expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA<\/a>) to increase to 2.65-2.7 billion euros, and revenue to reach 3.46-3.51 billion.
In the first half of the year, revenue grew 59% to 1.69 billion euros as its number of masts increased by 27%.
The company said its net financial debt in June reached 14.3 billion euros, above the 11.9 billion it had reported at the end of 2021. It also said it had available liquidity worth 7.6 billion euros in June this year.
($1 = 0.9887 euros)
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