July 22, 2020 / 4:46 PM / 22 days ago

RPT-Portugal's NOS H1 net profit falls by two thirds as pandemic bites

(Repeats to fix technical glitch)

MADRID, July 22 (Reuters) - Portuguese telecoms company NOS reported its first-half net profit fell a whopping 61% to 35 million euros ($40.54 million) on Wednesday, attributing the sobering result to losses from cinemas, roaming, and subscription services.

Revenues fell 7.6% to 666.6 million euros while earnings before interest, taxes, depreciation and amortization (EBITDA)fell 6.3% to 310.6 million, the company said.

“The results can be explained by the effects of the covid-19 pandemic, by the increase in non-recurring costs in the form of provisions to counter the increase in bad debt incurred in the first quarter, among other things,” the company said. ($1 = 0.8634 euros) (Reporting by Victoria Waldersee, Sergio Goncalves, Editing by Nathan Allen)

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