Ireland's largest cable television operator NTL today reported fourth-quarter losses of $1.24 billion (euro 1.3 billion).
The company, which bought Cablelink in 1998, recorded the loss following depreciation and amortisation costs of $877 million. The loss was compounded by higher interest payments on money borrowed to fund its European operations.
The net loss of $4.57 per share compares with a profit of $121.3 million - or $0.60 per share - for the same period in 1999.
Revenues for the quarter were $852.9 million compared with$493.4 million in 1999. Annual revenues were $2.84 billion compared with $1.58 billion in 1999.
The company said it was sticking to its 2001 financial targets when it forecast revenues of £2.6 billion sterling for 2001. It said earnings before interest, tax, depreciation and amortisation (EBITDA) would be £385 million sterling.
NTL said its broadcast services division posted revenue growth of 14 per cent in the fourth quarter to £56.2 million stering.
"We expect growth in broadcast services to be driven primarily by contracts related to the increased demand for tower infrastructure by wireless services operators expanding and upgrading their networks for wireless broadband as well as the privatisation of national broadcast networks, the digitalisation of analogue television and radio signals," the company said.Because most of these services are contracted well in advance, the division has built a forward order book of about £2.3 billion sterling, it added.
NTL's chief executive Mr Barclay Knapp said the company had 530,700 digital TV subscribers at the end of 2000 and 12,800 broadband Internet customers - and wanted to boost these figures to 1.25 million and over 100,000 by this year's end.
(Additional reporting AFP)
