Britain's largest cable network, NTL, which is listed on the New York stock exchange, saw its losses almost treble in the year’s third quarter.
These rose to $770 million compared with $278m for the same period in 1999 and are attributed to the development of NTL’s British digital TV service and the cost of European acquisitions. Third quarter revenues, however, rose to $830m – more than 100% up on Q3 last year. EBITDA (earnings before interest, tax, depreciation and amortisation) also increased from $65.4m to $91.9m
Currently staggering under a £9 billion debt burden [WAMN: 19-Oct-00], NTL recently announced plans to axe 1,300 of its 22,000-strong workforce as part of a drive to reduce costs.
Meantime, the company says it is on course to hit its target of 500,000 digital TV subscribers by the end of 2000. It also claims to have become the UK’s third largest ISP with 300,000 subscribers to its ntlworld access service.
News source: Financial Times