The recently merged operations of Irish cable operators Chorus and NTL lost over Â65m in its first trading year, according to local reports.
The combined entity, now known as UPC Ireland after Liberty Global took it over in 2007, began trading in October 2007. According to recently-filed accounts covering 2008, UPC Ireland turnover reached Â240m with operating losses of Â23.7m and pre-tax losses of more than Â65m, including a Â42m group interest bill and Â99m worth of amortisation and depreciation charges. Chief financial officer Carol Grennan told reporters that the operator recorded earnings of Â75m before all depreciation, amortisation and interest charges and that Â65.5m of the depreciation went into investment in the network in Ireland, while Â34.4m was a goodwill write-off due to the integration of NTL and Chorus.
UPC Ireland has reported better results recently, including revenue of Â61.9m in the second quarter, up about Â700,000 on the previous year.