Liberty Global Swings to a Loss
November 03 2016 - 9:30PM
Dow Jones News
Telecommunications company Liberty Global PLC swung into the red
during the third-quarter on trading losses.
The London-based company, controlled by American media mogul
John Malone, was formed by the 2005 merger of Europe's then-largest
cable operator, UnitedGlobalCom, and Mr. Malone's Liberty Media
International. Its operations include some of Europe's largest
markets, such as Germany and the U.K., where it owns Virgin Media,
as well as cable services in the Caribbean and Latin America. But
the expansion push, including Liberty Global's recent bid for
Polish cable giant Multimedia Polska SA, has come at a price: more
than $40 billion in debt and a string of losses.
Over all, Liberty Global reported a loss of $249.5 million,
driven by more than $436 million in losses on derivatives, compared
with a year-earlier profit of $133.3 million that had benefited
from a $742 million gain from derivatives.
Revenue rose 13% to $5.21 billion, above analysts' projections,
while operating expenses rose 6% to $4.3 billion.
It added 293,700 million subscribers during the quarter,
compared with 323,100 a year earlier. Excluding the effect of
acquisitions, the net increase was 283,700, compared with 277,000
in the previous quarter and 319,000 a year earlier.
Shares, inactive in after-hours trading, closed Thursday at
$31.43, down 15% this year.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 03, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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