ONO trims losses by 40%
EmptyMADRID -- Spain's largest cable company, ONO, has cut losses by 40% for the first quarter of 2007 and is on track to meet its goal of turning a profit by year's end, the company announced this week.
The company cut losses to €13 million ($17.5 million) from €22 million for the same period last year and grew its EBITDA by 12.8% to €148 million ($199.3 million).
Revenue dropped to €402 million ($541.3 million) from €420 million. The company blamed the dip on a new policy to eliminate less profitable businesses, such as indirect residential and corporate access to ONO.
ONO continues to link up new homes to its independent broadband network, adding a potential 100,000 households to its capabilities.
The network now reaches 6.2 million homes in Spain, with 464,000 added over the past year. ONO boasts 1.9 million residential subscribers, a 9.6% increase from the first quarter last year, with some 45,000 new clients added from January to March of this year -- double the same period last year.
"We're very satisfied by the trust in us demonstrated by our clients -- the real motor behind our growth -- as well as the financial markets, which allows us to confirm our results prediction for 2007," ONO CEO Richard Alden said in a statement.
ONO accounts for some 6.3% of the pay TV market in Spain.