September 13, 2017 / 8:37 AM / 10 months ago

Spain's Masmovil to update guidance in third quarter

Sept 13 (Reuters) - Spain’s fourth largest mobile phone operator, Masmovil Ibercom, said on Wednesday that it would update its guidance after half year revenue grew 13 percent supported by a rising number of new clients.

Masmovil said it plans to update its targets before third quarter results, as it is now set to meet full-year guidance for service revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA).

The debutant to the main market of Spanish stock exchange announced in May it aimed to reach EBITDA of more than 200 million euros in 2017 and increase its service revenue by 10 percent.

In the first half of the year it acquired 337,000 new clients, while for the year it aims to reach as much as half a million new subscribers.

Despite healthy growth in top line, Masmovil reported a deeper net loss impacted by financial expenses related to managing its mergers and acquisitions debt. (Reporting by Katarzyna Zajaczkowska; editing by Jason Neely)

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