Liberty Global's Operating Profit Falls 23%

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 [e-mail]

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(END) Dow Jones Newswires

November 05, 2015 19:55 ET (00:55 GMT)

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