ONO close to refinancing deal as it returns to profit

17 Mar 2010

Spanish cableco Grupo Corporativo ONO has revealed that it is close to finalising a deal with lenders that will allow it to restructure EUR3.6 billion (USD4.9 billion) in loans, Bloomberg reports. The disclosure comes after the operator revealed that it had generated a net profit of EUR50 million in the twelve months to 31 December 2009 compared with a loss of EUR26 million in the same period a year earlier. Earnings before interest, tax, depreciation and amortisation for the twelve-month period rose 4.2% year-on-year to EUR730 million, although revenue fell 5.6% to EUR1.51 billion. In terms of subscriber numbers, ONO reported that as at end-December 2009 it had 1.67 million fixed line voice subscribers, up from 1.64 million a year earlier.

Spain, Grupo Corporativo ONO