BARCELONA, March 1 Reuters Cellnex, Europe39;s largest mobile phone tower operator, expects to make a net profit in three or four years as the company shifts its focus away from expanding via acquisitions towards cutting debt.

The group made a net loss to 297 million euros 314.49 million in 2022, which was slightly higher than the average consensus of 292 million euros in a Refinitiv poll.

Chief Executive Tobias Martinez said the loss narrowed in 2022 from 363 million euros in 2021 due to the slower expansion rate and that the trend should continue in the subsequent years as the company focuses on the countries where it is already present.

This should take us to a positive net result in three or four years as long as there is no operation of inorganic growth, Martinez said.

After borrowing heavily to build the largest cellphone mast network in Europe, mainly through acquisitions, Barcelonabased Cellnex in November shifted its strategy in a rising interest rate environment towards getting a credit rating upgrade.

Martinez, who will step down in June, told a news briefing the company39;s commitment was to achieve that upgrade by December 2024.

Martinez said the earnings showed Cellnex39;s capacity to generate cash as he downplayed the reported net loss, saying it was expected for a company that has invested heavily.

He said the decision for him to step down was personal and not the result of any pressure, saying it was the moment to give way to a new leadership…