May 7, 2020 / 3:50 PM / a month ago

Cellnex posts net loss related to buying spree, core earnings rise

BARCELONA, May 7 (Reuters) - Cellnex, Europe’s largest mobile phone towers operator, posted on Thursday a 64% rise in first-quarter core earnings, slightly beating forecasts, even as it swung to a net loss of 30 million euros ($32.38 million) due to acquisitions.

The Barcelona-based company said its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 260 million euros, while its operating revenues grew 49%, to 358 million euros.

A poll of analysts provided by Cellnex had put EBITDA at 259 million euros and operating income at 360 million euros.

The company turned to a net loss due to higher amortizations and financial costs related to its ambitious expansion throughout Europe, Chief Financial Officer Jose Manuel Aisa told Reuters. ($1 = 0.9264 euros) (Reporting by Joan Faus, editing by Andrei Khalip)

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