LGI sees losses narrow

5 Nov 2009

US-based cable group Liberty Global Inc (LGI) has reported a net loss of USD120.3 million for the three months ended 30 September 2009, up from a loss of USD308.9 million a year earlier. Revenues for the period grew by USD190.9 million year-on-year, up from USD2.63 billion in Q308 to USD2.82 billion in 2009. Operating costs were USD2.36 billion for the quarter, up from USD2.22 billion a year earlier, while interest expenses and losses on derivative instruments accounted for a further USD459.1 million loss, compared to USD275.2 million in 2008. President and CEO, Mike Fries, said: ‘Our Q3 performance was due in part to an improvement in broadband subscriber additions as we have accelerated our deployment of next-generation ‘Fiber Power’ services across Europe. We have launched 100+ Mbps tiers in seven of ten European markets and, including Japan, we have enabled approximately 20 million ‘3.0’ homes worldwide. As we ramp up our marketing activity and our fall campaigns kick into high gear, we expect Q4 will be our strongest quarter of the year for subscriber additions.’

LGI lost 56,200 video customers in the three months ended 30 September 2009 as the number of customers leaving its analogue services (393,000) outweighed additions to its digital operations (327,000). The company ended the quarter with a total of 15.2 million cable video subscribers across its operations. Meanwhile LGI added 129,500 net new broadband subscribers and 123,600 telephony customers, ending September 2009 with 6.54 million and 5.06 million respectively.