November 21, 2018 / 4:44 PM / 8 months ago

Altice Europe Q3 core operating profit falls 6.8 pct on heavy promotions

PARIS, Nov 21 (Reuters) - Telecoms and cable group Altice Europe said its third-quarter core operating profit fell by 6.8 percent as it sought to regain market share its France through heavy promotions in both fixed and mobile.

The company’s quarterly adjusted earnings before interest tax, depreciation and amortisation (EBITDA) dropped to about 1.3 billion euros ($1.48 billion) over the period. Revenues fell by 4.6 percent to 3.44 billion euros, the company said.

Controlling shareholder Patrick Drahi suffered a sudden loss of confidence from investors a year ago because of the poor commercial performance of his French division.

He has since turned its focus towards on gaining clients and selling non-core assets to appease market concerns about the group’s 30-billion-euro debt pile. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Luke Baker)

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