Liberty Global's Operating Profit Falls 23%
November 05 2015 - 8:10PM
Dow Jones News
Liberty Global PLC's third-quarter operating profit declined 23%
as the international cable operator recorded higher charges.
The company's results, posted to its website, didn't include a
bottom line prepared according to generally accepted accounting
principles, or GAAP, rules drafted to ensure companies report
earnings uniformly.
Last year, Liberty Global had reported a third-quarter profit of
$157.1 million, or 20 cents a share, bolstered by investment
gains.
The company, controlled by U.S. media mogul John Malone, focuses
operations in Europe through a series of subsidiaries, including
Virgin Media in the U.K., Telenet in Belgium and Ziggo in the
Netherlands.
Company officials are negotiating a possible merger with
London-based Cable & Wireless Telecommunications PLC, which
focuses on the Caribbean and Panama.
The negotiations follow a failed attempt at a deal with British
telecommunications giant Vodafone Group .
On an operating basis, which excludes stock-based compensation
and other items, Liberty Global reported a profit of $545.5
million, down from $703.7 million a year earlier.
Revenue rose 2% to $4.29 billion, bolstered by its Ziggo
acquisition.
In the latest period, Liberty Global added 320,000 subscribers,
compared with 344,000 a year earlier and 239,000 in the previous
quarter.
At the end of the quarter, Liberty Global had $44.72 billion in
debt and $872.6 million in cash.
Shares closed at $45.68, down 3.7% for the year.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 05, 2015 19:55 ET (00:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Vodafone (LSE:VOD)
Historical Stock Chart
From May 2024 to Jun 2024
Vodafone (LSE:VOD)
Historical Stock Chart
From Jun 2023 to Jun 2024