Altice sure on profit despite SFR-Numericable slowdown

GMT 11:03 2015 Wednesday ,28 October

Arab Today, arab today Altice sure on profit despite SFR-Numericable slowdown

French-Israeli businessman Patrick Drahi
Paris - AFP

Altice, the multinational telecoms conglomerate headed by French-Israeli businessman Patrick Drahi, confirmed its annual profit target Wednesday despite slowing third quarter sales at its French cable and mobile operator.

Operating profit at the group rose by 13 percent from the same quarter last year to 1.53 billion euros ($1.69 billion) on a "pro forma" basis, which smooths out the impact of acquisitions on the group's results.

Sales slid 2.9 percent to 3.84 billion euros over the same period.

Revenue suffered notably from a 3.5-percent drop in sales to 2.77 billion euros at Numericable-SFR, the French cable and mobile operator, the jewel of Altice's portfolio, which also includes operations in Belgium, Israel and Portugal.

However Altice is in the process of becoming the fourth-largest cable company in the United States through the $17.7-billion (16.0-billion-euro) acquisition of NY-based Cablevision and an earlier deal to swallow up Suddenlink, a $9.1 billion company that operates in a handful of southern states.

Altice's chief executive Dexter Goei called the third quarter performance strong as the company implements its "successful strategy based on fixed and mobile convergence and the implementation of best practices and efficiencies across all of our operations."

The company, which did not report net profit, said it still expects to make an operating profit of "at least" 3.85 billion euros in 2015, after adjusting to exclude one-off costs and other items.

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