Mexican cable operator Cablemas has posted a net loss of MXN64.3 million for the third quarter of 2008, compared to a net income of MXN31.9 million in the same period of 2007.
The company posted net revenue of MXN792.8 million for the third quarter of 2008, compared to MXN678.9 million in the comparable quarter of 2007. Operating profit decreased 18.2% from MXN125.2 million in the third quarter of 2007 to MXN102.5 million in the third quarter of 2008.
For the nine months period ended September 30, 2008, the company’s net income decreased 94.7% to MXN10.4 million from MXN196 million in the corresponding period of 2007. Net revenue for the first nine months of 2008 increased 16.4% to MXN2.33 billion from MXN2 billion in the same period of 2007. Operating profit decreased 10.7% in the first nine months of 2008 to MXN373.1 million from MXN417.6 million in the same period of 2007.
Carlos Figueroa, CEO of Cablemas, said: This was another quarter of revenue growth. As anticipated, Adjusted EBITDA margin for the first nine months of the year was 37% compared to 38.2% in the first nine months of 2007. We continue to expect fourth quarter performance to be on track. We remain focused on expanding our customer base. In fact, this quarter we increased cable television subscribers by 6.6%, high speed internet subscribers by 10.4% and IP telephony lines by 112.8% year-on-year.