Altice Sells Fiber Business Stake, Rocket Internet Net Swings to Profit

Sarla Buch
30 Nov, 2018
New York City

Altice Europe net swung to profit and agreed to sell its 49.99% stake in its SFR FTTH business. BillerudKorsnas agreed to acquire forest land from Bergvik Skog Ost. Rocket Internet net swung to profit.

[R]4:00 PM Frankfurt – Altice Europe net swung to profit and agreed to sell its 49.99% stake in its SFR FTTH business. BillerudKorsnas agreed to acquire forest land from Bergvik Skog Ost. Rocket Internet net swung to profit.[/R]

In London trading, FTSE 100 index advanced 44.50 or 0.6% to 6,994.45 and in Frankfurt the DAX index decreased 51.23 or 0.5% to 11,247.

In Paris, CAC 40 index fell 13.93 or 0.3% to 4,992.31.

Altice Europe N.V fell 0.6% to $17.20 after the Netherlands-focused telecoms services provider reported revenues in the nine-month period ending in September declined 13.9% from a year ago to €3.2 billion.

Net in the period swung to profit €590.6 million from a loss of €108.5 million in a year ago period and diluted earnings per share dropped to €0.55 from €9.46.

Separately, the telecom operator said its France-based subsidiary agreed to sell its 49.99% stake in its SFR FTTH fiber optic business for total cash consideration of €1.8 billion or $2.05 billion to Allianz Capital Partners and AXA Investment Managers - Real Assets.

Babcock International Group slumped 1.1% to 575 pence after the U.K.-based marine, land, aviation, and nuclear engineering services provider won a contract worth about £100 million for 10-year to provide aerial-firefighting services in Canada from the Manitoba government.

“The contract is small; £100 million for 10 years at 10% to 15% margin but there are 13 territories/provinces in Canada and there is clearly scope to do work for others,” said head of research at Liberum Joe Brent.

BillerudKorsnas AB declined 2.7% to 120.80 Swedish kronor after Sweden-based packaging paper and carton producer agreed to acquire 350,000 hectres of forest land from Bergvik Skog Ost AB for about 6.4 billion kronor or $706 million.

Rocket Internet SE dropped 1.3% to €23.04 after Germany-based online startups investor said revenues in the nine-month period ending in September soared 17% from a year ago to €32 million.

Net in the period swung to profit €296 million from a loss of €44 million in a year ago six-month period and diluted earnings per share advanced to 14.7 pence from 2.4 pence.

The online investor said profit margin in the period surged to 925% from 157.1% in the same period a year ago.