Bloomberg News

Liberty Global Posts Loss on European Asset Sales

May 10, 2007

Liberty Global Inc. (LBTYA:US), the largest owner of cable-television systems outside the U.S., posted a first-quarter loss of $136.1 million after selling assets in Europe.

The net loss was equal to 35 cents a share, compared with net income of $268.2 million, or 57 cents, in the year-earlier period when the company had a gain on some sales. Revenue rose to $2.11 billion from $1.49 billion, Englewood, Colorado-based Liberty Global said today in a statement.

Liberty Global, led by U.S. billionaire John Malone, is exiting Western European countries to invest in Eastern Europe, where demand is rising. The company sold its Norwegian, Swedish and French businesses and then bought Karneval, the second- largest cable operator in the Czech Republic.

Liberty Global said it lost 34,000 video subscribers during the quarter as a result of increased competition in Hungary and Romania. The company added 219,000 broadband Internet subscribers and 172,000 telephone subscribers.

Chief Executive Officer Mike Fries said in a statement that the company is continuing to explore ``strategic transactions'' with its Japanese operations and is ``making good progress.''

Liberty Global shares rose 22 cents to $37.09 in Nasdaq Stock Exchange composite trading before the announcement was made after the market close. The shares have rise 27 percent in the past year.

To contact the reporter on this story: Tim Mullaney in New York at Tmullaney1@bloomberg.net.

To contact the editor responsible for this story: Emma Moody at emoody@bloomberg.net.


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Companies Mentioned

  • LBTYA
    (Liberty Global PLC)
    • $44.36 USD
    • 0.86
    • 1.94%
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