Feeds

NTL announces double losses in Q3

And check out those debt interest payments

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Cable company NTL has released its third-quarter results and lost nearly two per cent of its share price as the extent of its losses became clear.

NTL is a company that could only exist in the crazy post-Web world of financing. Q3 earnings rose $27.5 million (£19.3 million) to $91.9 million (£64.6 million). But then it managed a loss of $770.3 million, more than double the loss it made in the same quarter last year.

The huge loss is down to its heavy acquisitions, the company said. In the last year, it has bought out businesses all over Europe in a bid to secure itself a large customer base. The loss comes from interest on debt, depreciation and the old intangible asset write-off.

Let's have a look at this debt. NTL, with an annual turnover (extrapolating from the Q3 results) of around $3 billion, has debts of $12.5 billion - most of it from C&W's joyful handover of its consumer business for $11.9 billion. This amounts to a debt interest in this quarter of $281 million - over a third of its turnover. It paid half of this in cash, the rest in bonds. Gearing - we've heard of it.

In fact, so hungry is NTL for hard cash that it moved from Nasdaq to the New York Stock Exchange to get its hands on more of it. It is still talking about more acquisitions this year.

NTL has taken a bit of a hit this year - as have many other cable companies - with its share price dropping 61 per cent. The company wasn't to be drawn on how much money it reckoned it could save through its sacking of 1,300 UK staff, announced last week. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.