Liberty Global plc has announced its Q3 financial and operating results for the Europe-focused Liberty Global Group and the LiLAC Group, which operates in Latin America and the Caribbean. Liberty Global Group reported third-quarter revenues of USD3.9 billion, up 2.5% on an annualised basis, alongside operating income of USD537 million, which was down 29.7% year-on-year. LiLAC Group, which will be formally ‘split-off’ from its parent company by the end of 2017, generated Q3 sales of USD908 million, representing an increase of 0.4% y-o-y. LiLAC Group reported an operating loss of USD202 million, however, with Hurricanes Irma and Maria negatively impacting certain operations during the quarter. Regarding the planned spin-off of the LiLAC Group, CEO Mike Fries commented: ‘Our long-term opportunity in Latin America continues to be exciting and we remain on track for the split-off to LiLAC shareholders around the end of the year.’
Once the split-off is complete, the Liberty Global Group will operate in twelve European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC, and Dutch 50/50 joint venture VodafoneZiggo. The LiLAC Group, meanwhile, will operate in more than 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a sub-sea fibre network throughout the region, which connects over 40 markets.