European boost for Liberty Global Q1
May 10, 2010
International cable operator Liberty Global has reported a first-quarter profit – its second in a row after five consecutive quarterly losses – on a $1.4 billion gain from discontinued operations. The company saw record subscriber growth for Internet and telephone services in Europe.
Chief Executive Mike Fries said the company saw strong demand for its advanced services, especially next-generation broadband products. During the latest quarter, Liberty Global completed its acquisition of German cable MSO Unitymedia and it sold its 38 per cent stake in Japanese operator J:COM. In addition, the Chilean earthquake destroyed 24,000 homes, resulting in the loss of about 15,500 customers.
Liberty Global reported a profit of $736.6 million, or $2.75 a share, compared with a year-earlier loss of $298.7 million, or $1.08 a share. Revenue climbed 28 per cent to $2.18 billion, or 4 per cent excluding acquisitions and changes in currency values.