Spain's Cellnex sticks to forecasts despite wider net loss


FILE PHOTO Telecom antennas of SpainOtildes telecoms infrastructures firm Cellnex are seen under main telecom tower known as quotPiruliquot in Madrid Spain March 10 2016. REUTERSSergio Perez

FILE PHOTO: Telecom antennas of SpainÕs telecoms infrastructures firm Cellnex are seen under main telecom tower, known as "Piruli", in Madrid, Spain, March 10, 2016. REUTERS/Sergio Perez

BARCELONA (Reuters) -Europe's largest mobile phone tower operator Cellnex stuck to its outlook on Thursday as core earnings in the first nine months rose by 59%, outweighing a net loss which widened by 73% to 145 million euros ($169 million).

Telecom towers have been the target of several big takeovers in recent years as Spain's Cellnex and U.S.-based American Tower Corp race to increase their European footprint with a focus on the roll-out of next-generation 5G technology.

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