Com Hem posts profit growth for Q2
Swedish cable operator Com Hem today posted a 3.5% rise in its second quarter core profit and it is predicting further sales growth for the remainder of 2014.
Profit before interest and tax, as well as a number of other factors including depreciation, amortisation and currency fluctuations, rose to 566 million crowns ($83 million) for the quarter, up from 547 million crowns for the same period last year.
The company said the increase was largely thanks to the acquisition of business-to-business provider Phonera in December 2013, as well as a boost in consumer services sales growth.
“We expect the year-on-year revenue growth rate for the financial year 2014 to be in the mid-single digits including the effect of the consolidation of Phonera,” Com Hem said in a statement.
Anders Nilsson, chief executive at Com Hem, also said that the company is now focussing on organic rather than non-organic growth.
Stefan Olsson, analyst at Alandsbanken, said that revenue and underlying EBITDA for Com Hem were “somewhat better than we had expected”, but added that the report did not indicate big growth potential for the company.
Com Hem announced plans to launch an IPO in May this year and on June 17, according to Reuters, the company was listed in Stockholm.