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The consolidated net profit of NOS fell by 42.7% to 79.1 million euros in the first nine months of the year. The value compares with the profit of 138.1 million euros recorded in the same period of 2019. Looking at the months between July and September, the net result fell by 7.9%, to 44.1 million euros, compared to in the same period of 2019, according to the reports provided by the CMVM.
In a statement, the telecommunications company said that although it still feels “some impact imposed by the pandemic situation”, the third quarter “showed a recovery, which had already begun at the end of the previous quarter, due to the lifting of measures to combat the pandemic”.
Until September, earnings before interest, taxes, depreciation (EBITDA) reached € 471.2 million, a reduction of 6.5%, with the EBITDA margin improving by 0.3 percentage points to 46 , 5%.
The gradual resumption of activity “reflects an increase” in NOS services, which takes the form of “a significant growth in the number of communication services provided and the slow return of Portuguese to the cinema”.
Since September 2019, the operator has recorded an increase of 2.8% (272 thousand) in the number of services provided, to 9.886 million. “Television services increased by 1.5% to 1.656 million, while mobile communications services increased by 3.4% to 4.972 million” and the number of homes with access to the new generation fixed network increased by 4 , 9% to 4.796 million, according to the statement.
“The number of fixed broadband services stood at 1,452 million compared to 1,402 million recorded in the same period of 2019, while the number of fixed voice services reached 1,769 million, compared to 1,739 million at the end of June 2019”, he adds.
Thus, in the first nine months of 2020, revenues decreased by 7.2% on an annual basis, to 1,013.6 million euros, “with the telecommunications division showing a greater recovery than the cinema and audiovisual division”. Telecommunications revenues 3.8% in September, at 995.5 million. But looking only at the third quarter, there is a “relative improvement”, with telecommunications revenues down 1.4%, far from the 7.8% drop recorded in the second quarter due to the pandemic.
At the end of September, the number of converged and integrated NOS customers was 61.3% of the fixed network customer base, equal to 967.6 thousand customers. Average revenues per customer decreased by 3.4% to 43.3 euros.
The company led by Miguel Almeida explains that “the increase in verified subscriptions” has made it possible to record “a very resilient performance” in telecommunications operations. However, “some pressures in the segment of small and medium-sized enterprises, especially those most exposed” to the effects of the pandemic, “such as tourism and catering”, household consumption “remained stable”.
“The drastic reduction in tourism and international travel has also led to a reduction in roaming revenues”, it reads.
OR capex The total of NOS in the first nine months of the year was 269.6 million euros, of which 97.8 million in the third quarter, excluding leasing.
At the end of September, Miguel Almeida’s team managed to reduce the company’s net debt by 29.2% to 771.5 million euros, compared to the first nine months of 2019. The significant debt reduction is justified by NOS with the receipt of funds from the sale of NOS Towering.
The NOS debt represents 1.4 times the EBITDA later leases, “A conservative relationship with the counterparts in the sector”.
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