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Liberty Global breaks even in Q1, revenues up 9%
2013-05-07 09:05:00| Telecompaper Headlines
(Telecompaper) Liberty Global reported first-quarter revenues up 9 percent from a year earlier to USD 2.77 billion, led by double-digit growth in Germany and Belgium. Operating cash flow rose 6 percent to USD 1.27 billion, and operating profit was up 6 percent to USD 525 million. The net result was breakeven, after a loss of USD 25 million a year earlier. The cable operator finished the period with a total 35.2 million revenue-generating units, up by 373,00 from three months earlier. That includes gains of 70,000 in central and eastern Europe, 63,000 in Latin America and 240,000 in western Europe. Over 30 percent of the customer base subscribed to triple-play packages at the end of March. Liberty said it also had over 200,000 subscribers for its Horizon TV platform, launched last year in the Netherlands and in Switzerland in January. Horizon will launch in Ireland this summer and Germany later in the year. The company also expects to complete its takeover of the UK's Virgin Media in the second quarter, after a shareholder vote in early June. In addition, it has increased its stake in Dutch cable operator Ziggo to 18.2 percent. Liberty said it still expects to have sufficient cash after the takeover to complete its USD 3.5 billion share buyback in the coming two years. The company generated free cash flow of USD 28 million in Q1, after capex of USD 504 million. Total cash was USD 2.9 billion at the end of March.
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Category:Telecommunications