LGI reports profit in 4Q09

25 Feb 2010

US-based cable group Liberty Global Inc (LGI) has reported net profit of USD100 million for the three months ended 31 December 2009, compared to a USD752.6 million net loss in the same period a year earlier. Full year net loss narrowed from USD788.9 million in 2008 to USD412 million a year later. Revenues for the year climbed to USD11.08 billion, up from USD10.5 billion in FY08. LGI president and CEO Mike Fries said: ‘2009 was a successful year for LGI with continued growth and consistent performance in the midst of difficult global economic conditions. Our Q4 performance was highlighted by our strongest quarter for organic subscriber additions in two years and we are seeing that momentum continue in the first quarter of 2010. In Europe we delivered a 37% year-over-year improvement in Q4 organic subscriber additions, capitalising on our new ‘Fiber Power’ broadband products and enhanced digital video offerings to drive increased customer penetration and lower video churn. We are expanding next-generation broadband services across our footprint, with all of our European markets expected to have next-generation broadband widely available by year-end 2010.’

At the end of December 2009 LGI had over 27.15 million revenue generating units (RGUs), up from 26.5 million a year earlier. The company had 6.73 million broadband subscribers at the same date, as well as 5.23 million fixed telephony customers and 15.19 million video connections, up from 6.2 million, 4.6 million and 15.6 million respectively. The company attributed the year-on-year decline in video subscriptions to analogue-digital substitution.

United States, Com Hem, Liberty Global, Telemach (Slovenia), Telenet (incl. BASE), UPC Austria, UPC Ceska Republika (part of Vodafone), UPC Poland, UPC Romania (now part of Vodafone), UPC Slovakia, Virgin Media Ireland, VodafoneZiggo