(Alliance News) - Helios Towers PLC on Thursday said it was barely affected by Covid-19 and posted good results for the first half of 2020 as well as named a new board member.
The Africa-focused telecom towers owner recorded a pretax loss in the first half ended June 30 of USD83.0 million, widening from a loss of USD18.7 million a year prior.
The loss was attributed to an increase in finance costs to USD77.8 million from USD56.4 million the year before and a USD35.0 million loss on financial instruments versus USD24.3 million gain a year prior.
Revenue in the first half increased 7% year-on-year however to USD204.0 million from USD190.7 million last year.
Helios Towers saw an increase of 806 tenants year-on-year, totaling 14,906 tenants compared to last year's 14,100 tenants. The number of sites was up to 7,092 from 6,882 sites a year prior, showing an increase of 210 sites.
This comes as Helios Towers agreed to acquire over 1,200 sites from mobile operator Free Senegal for EUR160 million.
The company said it was barely affected by Covid-19 but remains vigilant.
Adjusted earnings before income, tax, depreciation and amortisation was up to USD109.1 million from USD99.0 million a year prior.
Chief Executive Kash Pandya said: "The first half of 2020 saw our business deliver in line with expectations, in the face of seismic disruptions to the wider global commercial backdrop due to the Covidâ€19 impact.
"We have delivered strong topâ€line growth and adjusted Ebitda performance which is testament to the resilience as well as the power and leverage of our operating model, and to the approach of our teams in central functions and in the field.
"We anticipate that these attributes will continue to serve the business well going forward, not least in the nearâ€term as the challenges of the pandemic currently remain evident."
Helios Towers' said its guidance for this year remains unchanged.
Helios Towers also announced the appointment of Carole Wainaina as a non-executive director, effective immediately.
Wainaina is the chief operating officer at infrastructure investment platform Afica50 Infrastructure Fund, before which Wainaina worked as an assistant secretary general in the department of management at the United Nations.
Wainaina is currently a non-executive director for both Equatorial Coca-Cola Bottling Company and Orca Exploration Group Inc.
Helios Towers shares were down 2.1% at 174.11 pence each on Thursday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Helios Towers (HTWS)