21 Aug 2008
Zesko Holdings (Ziggo), the Dutch cable conglomerate formed through the merger of Casema, @home and Multikabel, recorded a net loss of EUR264 million (USD389 million) in 2007, local newspaper The Volkskrant reported yesterday. Ziggo, owned by foreign private equity funds, attributed the loss in the main to high interest rates: almost 50% of its EUR1 billion gross income in 2007 went on servicing debt, The Volkskrant said. The cableco, which has 3.3 million subscribers, has total debt of almost EUR6 billion. Ziggo’s chief financial officer Walter Blom told the paper that the company was pleased with its full year results. Revenues increased by 15% compared with pro-rata turnover in 2006, he said, adding it was too soon to say when Ziggo would turn a profit.