Telenet losses widen

28 Feb 2006

Belgium’s biggest cable operator Telenet said its 2005 net loss widened to EUR76.7 million (USD91.1 million), from EUR61.7 million a year earlier, due to debt repayment costs of EUR39.5 million. Telenet has long struggled under a heavy debt mountain and in October 2005 it launched an IPO aimed at reducing its borrowings by floating just under 50% of its stock at between EUR21 and EUR25.50 per share; it raised EUR985 million. Telenet said its 2005 revenues were up 8% year on year to EUR737.5 million, due in part to a 30% increase in the number of customers taking triple-play services, up to 176,000. The cableco ended 2005 with 624,000 broadband customers, up 18%, and 364,000 telephony subscribers, up 27%. Telenet expects to see revenue growth in 2006 of between 10% and 15%.

Belgium, Telenet (incl. BASE)