Liberty Global posts Q3 loss
November 7, 2008
International cable operator Liberty Global has reported a 17 per cent increase in third-quarter sales. Operating cash flow, which the company considers its key operational measure, rose 27 per cent to $1.17 billion in the quarter, helped by factors including organic growth and foreign exchange movements. Revenue was $2.65 billion from $2.26 billion, and Net loss of $309 million as compared to net earnings of $40 million, as last year's third quarter results included a gain on disposal of assets of $553 million.
President and CEO Mike Fries said, "We remain focused on driving penetration of advanced video and broadband services and on managing our cost structure and capital spending. As a result, customer ARPUs6 are up approximately 10% in Europe and our penetrations and bundling ratios continue to reach new highs.
We also delivered rebased Operating Cash Flow growth of 14% and free cash flow growth of 143% on a year-to-date basis. Setting aside challenging competitive conditions in certain areas, we believe our results reflect the relative stability inherent in our subscription-based business, which has historically been resilient to difficult economic conditions."