Rapid TV News

Indian MSO Hathway posts Q3 loss

Rebecca Hawkes ©RapidTVNews | 20-02-2012

One of India's leading multi system operators (MSO) Hathway Cable & Datacom has posted a standalone net loss of INR 182.78 million for the third quarter of the current financial year, ending 31 December 2011.

The cable company's net loss for the corresponding period a year earlier was INR124 million.

Operational income rose by 7.86% year on year to INR1.28 billion for the quarter, compared with INR 1.18 billion in the three months to December 2010.

Company expenditure grew by 6% to INR1.05 billion from INR 986.57 million in the third quarter of 2010/11. Expenses had reached INR1.07 billion in the second quarter of the current fiscal year.

Hathway's profit before other income, interest, depreciation and exceptional items escalated to INR 230.38 million in the third quarter as against INR 198.95 million a year earlier.

The MSO has now invested INR 4.24 billion from the INR 4.8 billion proceeds it raised from its initial public offering (IPO). INR 2 billion was invested in developing digital capital, expenditure, services, and set top boxes, as well as developing broadband infrastructure, services and associated expenses.

Hathway has also spent INR 1.89 billion in loan repayments, and INR 122.85 million in the acquisition of subscribers to its cable TV and broadband services.