Play with PLN 153 mln Q1 net profit

WSE-listed telecom operator Play Communications recorded a consolidated net profit of PLN 152.9 million in Q1, below the PLN 164.7 million consensus and way up by 726 percent y/y (7 percent q/q growth). Operating profit was up to PLN 321.7 million representing a 2.7 percent increase. Adjusted EBITDA decreased by 8.1 percent y/y to PLN 518.4 million. Revenues grew by 3.6 percent to PLN 1.63 billion. At end-Q1, Play had 12.39 active clients (3.7 percent y/y growth) with the contract clients number up by 6.9 percent to 8.74 million, while pre-paid customers dropped by 3.1 to 3.65 million. ARPU continued to decline, by 1.5 percent q/q to PLN 31.8 on declines for both customer segments.