NTL Ireland reported a 45 per cent increase in year-on-year revenues in the third quarter 2002 yesterday. It also said it had lost 3,600 cable customers.
The firm's parent, US-based NTL Incorporated, disclosed that it should emerge from bankruptcy later this month following a capital restructuring. NTL filed for Chapter 11 bankruptcy protection earlier this year because of its mounting debts worth $17 billion (€17 billion).
The group now plans to become two businesses - NTL UK and Ireland and NTL Euroco - following a plan to convert almost $11 billion of debt to equity. It is currently locked in talks with certain bondholders to finalise $500 million of new financing for its operations.
But president and chief executive, Mr Barclay Knapp, said the group was on track to come out of Chapter 11 at the end of this month. "We've all but buttoned up the final terms," he said. "The sticking points behind the negotiations were that the terms were very general and there was some pushing and pulling on some of that. But we're confident we've got the best deal going forward."
Mr Knapp said he was confident NTL would start growing again once the refinancing was completed.
Meanwhile, NTL Ireland reported revenues of £16 million (€25.2 million) for the third quarter, a 45 per cent rise on the £11 million it made during the same period 2001. Price rises on NTL Ireland's analogue television package and a growth in digital TV subscribers were responsible for this revenue growth.
The firm reported earnings before interest, tax, depreciation and amortisation of £4 million, a 100 per cent increase on the same period in 2001. On a sequential basis, earnings were flat on the £4 million reported during the second quarter 2002.
The stronger year-on-year earnings results reflect the recent cable television price increases and lower capital expenditure.
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