International cable company Liberty Global has reported consolidated revenues of $2.62 billion for the three months ended 30 June 2011. This figure represents an increase of 21 per cent on the $924.1 million recorded in the same period a year ago. Operating income increased from $327.1 million during 2Q10 to $530.8 million during the year-later period. For the three months ended 30 June LGI reported CAPEX of $508 million (or 19 per cent of revenues), down slightly year-on-year. The company has reported a net loss of $330.7 million for the second quarter, compared to a loss of $674.8 million a year earlier.
Meanwhile, Liberty Global’s European cable division, UPC, booked revenues of $994.5 million for the three months ended 30 June 2011. This figure represents an increase of 7.6 per cent on the $924.1 million recorded in the same period a year earlier. UPC’s operating income increased 31 per cent, to $234 million during 2Q11.
Liberty Global President and CEO Mike Fries commented: ‘Our second quarter results demonstrate continued strength in our core European cable business, driven by our systems in Western Europe, which generated rebased revenue and OCF growth of five per cent and 10 per cent, respectively. Nowhere was this more evident than in Germany where strong consumer demand for our triple-play offers helped to deliver rebased revenue and OCF growth of eight per cent and 18 per cent. In terms of our near-term operating outlook, we are working hard on our fall marketing campaigns and expect to generate healthy subscriber growth in the second half’.