NTL reports losses

Cable company NTL Ireland has announced increased pre-tax losses.

Losses for the year to December, 2001 were €24.2m, up from € 11.9m the previous.

While turnover was up slightly, the company suffered from a rise in operating expenditure and increased interest charges on rising debt.

Though the company was incurring increased costs, it was not given the go ahead by the Regulator to increase its charges until October, 2001.

The figures for 2002 should show an improvement due to the increase in revenue.

In 2001 NTL made the decision to reduce its investment in digital TV in an effort to cut overall capital expenditure.

NTL Ireland is a subsidiary of international company NTL, which filed for Chapter 11 bankruptcy in the US earlier this year.