Telenet 1Q Net Profit Rises to EUR38.4 Million from EUR12.2 Million

BRUSSELS--Belgian cable provider Telenet NV (TNET.BT), which is majority owned by Liberty Global, said profit rose in the first quarter as revenue increased on growth in the mobile sector.

MAIN FACTS:

-Revenue of EUR405.6 million, up 11% year-on-year, driven by a growing contribution from our mobile operations and continued growth in fixed services.

-Adjusted earnings before interest, tax, depreciation and amortization, Ebitda, of EUR201.5 million, up 5% year-on-year, affected by seasonally higher costs associated with handset sales and subsidies. Margin of 49.7%.

-Net profit EUR38.4 million, up from EUR12.2 million a year earlier.

-Chief Executive John Porter: "For the full year 2013, we reaffirm our outlook, including expected revenue growth of "between 10 and 11%," adjusted Ebitda growth "between 7 and 8%," accrued capital expenditure accounting for "21‐22% of revenue" and a "stable" free cash flow.

-Company remains cautious as Belgian regulatory environment developing: "We remain careful about the intensely competitive environment both in fixed and mobile services, the side effects of the current macro‐economic backdrop and the potential impact of regulated cable wholesale services later this year."

Write to Frances Robinson at [e-mail]

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