Cellnex Posts Flat Net Loss as Portfolio Pruning Continues
By Adria Calatayud
Cellnex Telecom reported a flat net loss for 2023 after higher costs offset a rise in revenue, and said it continues to look at potential asset sales.
The Spanish telecommunications-infrastructure group on Thursday posted a net loss of 297 million euros ($321.9 million) for last year, unchanged from a year earlier. Higher amortization and finance costs led to the loss, the company said.
Revenue rose to EUR4.05 billion from EUR3.50 billion, while adjusted earnings before interest, taxes, depreciation and amortization increased 14% to EUR3.01 billion. The results are broadly in line with consensus estimates provided by FactSet.
The company said it achieved a positive free cash flow of EUR150 million following an outflow of EUR1.12 billion in 2022.
Cellnex, which has been offloading assets in a bid to cut debt, said it continues to evaluate possible asset sales to accelerate its path toward an investment-grade credit rating by S&P. Media reports in recent weeks indicated the company has been considering a sale of a minority stake in its Polish operations.
The company will share details on its outlook for the near and medium term at a capital markets day scheduled for March 5, it said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
February 29, 2024 12:21 ET (17:21 GMT)
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