Orange 1st Half Net Profit Fell; Confirms 2020 Targets

By Adria Calatayud

French telecommunications company Orange SA said Thursday that net profit fell for the first half and said it doesn't foresee any significant deviation with respect to its 2020 targets despite the coronavirus pandemic.

The Paris-based company said net profit for the first six months of the year was 927 million euros ($1.09 billion) compared with EUR1.04 billion in the year earlier period.

Orange's revenue for the first half rose 0.3% to EUR20.77 billion, against analysts' expectations of EUR20.61 billion, according to a consensus estimate provided by the company.

Earnings before interest, taxes, depreciation and amortization after leases for the first half declined 0.8% to EUR5.92 billion, Orange said. Analysts expected Ebitda after leases of EUR5.92 billion, according to a company-provided consensus.

In the second quarter, Ebitda after leases fell 1.8% to EUR3.31 billion, on revenue that was 0.4% lower at EUR10.38 billion, the company said.

Orange also confirmed its financial objectives for the 2021-2023 period.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

July 30, 2020 02:07 ET (06:07 GMT)

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