Losses mount for Liberty Global

6 May 2009

US-based telecoms group Liberty Global has announced net losses of USD298.7 million for the three months ending 31 March 2009, up from a loss of USD155.6 million in 1Q 2008. Consolidated group revenues for the quarter were USD2.57 billion, down from USD2.61 billion in the same period a year earlier. The losses were largely attributed to higher non-operating costs, foreign exchange transactions and income tax. The company added over 740,000 subscribers to its global customer base in 2008, giving it a total of 16.86 million at the end of March. President and CEO of Liberty Global Mike Fries said, ‘Our first quarter results demonstrate the resilience of our business model amidst the global economic downturn, as we continue to grow our subscriber base for advanced digital services. Despite the impact of a challenging economic environment and currency headwinds, we are on track to achieve our 2009 guidance targets and expect continued growth throughout the remainder of the year.’

United States, Liberty Global