Premiere's revenue up 12.1%

Revenue at $390 mil in first quarter

FRANKFURT, Germany -- German digital pay TV platform Premiere reported a 12.1% increase in revenue in the first quarter, to 251.5 million euros ($390 million) from 224.3 million euros in the same period last year.

However, the net result was a negative 28.1 million euros ($43.6 million) compared with a 4.5 million euro profit. The number of direct customers increased to 3.6 million, up 4.6%. Premiere said that piracy was the main reason for the decline