Earnings at the recently rebranded cable TV provider Virgin Media last year increased by 5% to €135m in spite of a drop in customer numbers.
New figures lodged by UPC Communications Ireland Ltd, now trading as Virgin Media, a subsidiary of US cable giant, Liberty Global, show the firm enjoyed the increase in earnings before interest, tax, depreciation and amortisation (ebitda), while revenues went up by 1% from €347.7m to €351m in the 12 months to the end of December last.
The accounts show that the number of UPC customers last year declined by 15,451 going down from 528,403 to 512,952.
Combined non-cash depreciation and amortisation costs of €96.48m contributed to the firm recording a pre-tax loss of €25.44m, down on the loss of €32.7m in 2013.
According to the directors’ report “results for the year were in line with management expectations”.
The directors state that the firm is investing its capital in the expansion and upgrade of its network.The figures show that the firm last year incurred capital expenditure of €55.97m following a capital spend of €53.54m in 2013.
The filings also reveal that the firm paid €7.45m for wireless firm BitBuzz in December of last year.
The revenue breakdown at the firm shows that residential revenues accounting or 94% of revenue with business revenue making up the remaining 6%.
Operating profits at the firm increased by 18.6% from €33.17m to €39.37m.
However, interest payable of €64.5m resulted in the pre-tax loss of €25.44m.
The figures show that revenues from analogue, digital and broadband services last year increased from €292m to €293.7m with revenues from telephony, residential and business, increasing from €55.5m to €57.6m..
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