March 24, 2020 / 4:49 PM / 9 days ago

Altice Europe beats market expectations on higher sales in France

PARIS, March 24 (Reuters) - Telecoms and cable group Altice Europe reported better-than-expected quarterly earnings on Tuesday, as its main French division continued to add subscribers in both its fixed and mobile businesses.

Amsterdam-based Altice Europe, founded and controlled by Franco-Israeli tycoon Patrick Drahi, said core operating profits grew by about 14% in the fourth-quarter on a constant currency and yearly basis to 1.45 billion euros ($1.56 billion).

Revenues rose 11% to 4 billion euros in the three final months of 2019. This beat the average of analysts’ expectations compiled by the company.

Debt-ridden Altice Europe said it expected to further grow revenue and profits in 2020. It also expects to further reduce its debt burden by reaching a debt-to-earnings ratio for its telecoms activities of 4 to 4.5 times.

$1 = 0.9267 euros Reporting by Mathieu Rosemain, Editing by Benoit Van Overstraeten

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