Belgian full-service telecoms provider Telenet has published its financial results for the three months ended 31 March 2020, reporting ‘solid operational performance’ despite the exceptional circumstances arising from the COVID-19 pandemic. In the period under review, the company generated total revenue of EUR653 million (USD709 million), a 4% year-on-year increase from EUR626 million, reflecting a full quarter contribution from De Vijver Media which was acquired in June 2019. Operating profit increased 2% to EUR153.2 million, while net profit rose to EUR153.2 million from EUR14 million in the year-ago period, driven by significantly higher net finance income in the period and lower income tax expense, partly offset by the accelerated amortisation of sports-related broadcasting rights due to COVID-19. Adjusted EBITDA was up 8% y-o-y to EUR345.6 million on a reported basis, or 4% on a rebased basis, and CAPEX rose 31% to EUR172.7 million. Telenet said it expects organic revenues to fall by around 2% over the full year due to the coronavirus crisis.
At 31 March 2020 Telenet reported a total of 2.815 million mobile telephone subscribers, an increase of 4% on the same period of the previous year, which included a 7% rise in post-paid customers to 2.388 million. The group also served 1.672 million broadband customers (up 1% from 1.658 million in 1Q19), 1.206 million fixed line telephony subscribers (down 3% from 1.243 million) and 1.852 million TV customers (down 3%, 1.916, million).
John Porter, Telenet CEO, said: ‘Against the backdrop of these exceptional circumstances, I’m pleased with the solid underlying operational performance in Q1, continuing the improved momentum we’ve seen since the second half of last year.’