Virgin Media's Q2 Results in Red Due to Mobile Writedown

11 August 2008

LONDON: UK cable monopoly Virgin Media posted Q2  operating profits of £333 million ($640.7m; €423.8m), although it suffered an overall operating loss of £333m triggered by a £366m writedown of its Virgin Mobile cellphone business.

The company lost 19,500 net subscribers and average revenue per user also fell slightly, but the number of customers with at least three products climbed 53.1% and its churn rate during Q2 was just 1.3%, down from 1.8% in the year ago period.

Ceo Neil Berkett said the company would now continue to cut "unnecessary cost" and tackle "inefficiencies".

He added: "In the face of a tougher national economic environment our business has demonstrated good resilience."

Data sourced from; additional content by WARC staff