Chorus reports losses

Chorus Communications, Irelands second biggest and independent cable television company, lost €36.6m in 2001.

These figures were reported in the annual report of Independent News&Media (NMM) which owns 50% of Chorus. However the reported loss is before interest and depreciation charges.

With a debt level of €360m, Chorus's losses will be substantially higher. INM accounts further show a valuation of its stake in Chorus at €67.9m, valuing the whole company at €135.8m.

The remaining 50%of the shares are owned by the US communications group Liberty Media. Chorus owns the cable television franchises for Dublin hinterland, Cork and Limerick, representing 60% of all homes in the republic.

The company now has over 264.000 subscribers and wants to upgrade its entire network to the digital standard.