Cable group NTL reduced losses by 79% in the fourth quarter of 2003. Its year end results, released today, show that net loss at the troubled company fell to £130m across the quarter, to total £584 million for the year, compared to £1.5 billion in 2002.
Revenues were up 8% to £577m during the fourth quarter of 2003, as its broadband and telephony customer bases grew.
The company announced yesterday that it was the first ISP to sign up its 1 millionth broadband customer and predicted that broadband will become the dominant mode of internet access by 2006.
NTL completed a rights offering in the fourth quarter of 2003 to reduce its debt and regain its financial footing (see NTL Outlines Details Of Rights Issue).
Chief financial officer of NTL Steve Schubert said that financial restructuring at the company had been successful so far and would continue in 2004. “The next and final major step in restructuring the balance sheet will focus on refinancing the current bank facility, thereby rescheduling the maturity of the remaining debt and lowering its weighted average cost,” he said.
Television subscriptions increased by 13,900 to over 2 million during the fourth quarter of 2003 after eight quarters of losses, and churn was down from 15.9% in Q4 2002 to 13.2% in Q4 2003.
