Orange 2Q Revenue Increased; Swung to 1st Half Loss Amid Spain Impairment
29 Juli 2021 - 7:51AM
Dow Jones News
By Mauro Orru
Orange said Thursday that revenue increased in the second
quarter amid good performance in Africa and Middle East and all
European markets except Spain, for which the company booked a
multi-billion-euro impairment following a downward revision of its
business plan in the country.
The French telecommunications company said revenue climbed to
10.55 billion euros ($12.49 billion) from EUR10.29 billion on a
comparable basis in the second quarter of 2020.
Earnings before interest, taxes, depreciation and amortization
after leases, or Ebitdaal, fell slightly to EUR3.27 billion from
EUR3.29 billion on a comparable basis.
The company began using Ebitdaal as a financial indicator in
2019 to account for the adoption of the IFRS 16 accounting
standard.
For the first half, Orange posted a net loss of EUR2.77 billion
compared with profit of EUR927 million a year earlier. The company
booked a goodwill impairment of EUR3.70 billion in Spain reflecting
the downward revision of the short-term outlook.
Spain represents an increasingly competitive environment, with
declines in average revenue per user, Orange said.
For 2021, Orange continues to expect stable but negative
Ebitdaal.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 29, 2021 01:48 ET (05:48 GMT)
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