BSkyB Sees Interim Net Profits Slide

SPACEMART

BSkyB is hoping the promise of free Internet access will boost subscriptions to its main pay-TV business.

by Staff Writers
London (AFP) Jan 31, 2007
British satellite broadcaster BSkyB on Wednesday posted a drop in first-half profits owing partly to set-up costs for its new broadband Internet service. Net profit retreated 10.2 percent to 246 million pounds (371 million euros, 480 million dollars) in the six months to December 31, 2006 compared with 274 million in the same period the previous financial year.

Group revenue grew 10.12 percent to 2.22 billion pounds, while operating profit slid 4.6 percent to 395 million pounds, the group added in an interim earnings release.

Overall, the company signed up 432,000 new customers in the second quarter, which it claimed to be the highest in six years.

The group said that 149,000 new customers took up its broadband service in the second quarter, taking customer numbers to 193,000. Analysts were expecting between 120,000-180,000 new customers to have signed up.

BSkyB is hoping the promise of free Internet access will boost subscriptions to its main pay-TV business.

"At the end of our first full quarter as a broadband provider, benefits are starting to flow through the business," chief executive James Murdoch said in the statement.

"Sky Broadband is attracting new and existing customers with more than two-thirds opting for our faster, paid-for products.

"We remain confident that performance for the full-year will be in line with our expectations."

Last year, BSkyB bought a 17.9-percent stake in British broadcaster ITV after NTL had declared its interest, a move seen by analysts as a deliberate attempt to block a deal.

BSkyB noted Wednesday that its ITV stake "holds substantial potential for long-term value creation."

Source: Agence France-Presse

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