27th Sep 2024 13:53
(Alliance News) - Zegona Communications PLC on Friday said its interim loss widened, following increased expenses from the company's acquisition of Vodafone Spain during the six-month period.
The London-based investor in Europe's telecommunications, media and technology sectors said its pretax loss for the six months to June 30 widened to EUR46.0 million from EUR1.8 million the year before, as interim operating and administrative expenses increased to EUR199.7 million from EUR1.7 million.
This increase in expenses mostly stemmed from the professional fees incurred after Zegona completed its acquisition of Vodafone Spain in May. The company's interim results represented six months of operations for Zegona Communications and one month of operations for Vodafone Spain.
Cost of sales grew to EUR88.4 million from none the year prior, and operating exceptional items rose to EUR19.6 million from EUR55,000 as the result of a one-off transaction-related expense of EUR19.6 million.
Revenue for the six-month period is EUR302.1 million, up from none at the same time the year before, of which Zegona said EUR302 million was contributed by the acquired Vodafone Spain business during the six-month period.
Shares in Zegona were down 0.5% at 370.00 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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