Cablemas 2Q10 Net Revenue and Adjusted EBITDA Up 11.3% and 26.7% YoY, Respectively
MEXICO CITY, Aug. 26 /PRNewswire/ -- Cablemas, S.A. de C.V., (Cablemas), the second-largest cable television operator in Mexico based on number of subscribers and homes passed, today announced results for the three- and six-month periods ending June 30, 2010.
Commenting on the results, Carlos Alvarez, Chief Executive Officer said, "This was another good quarter, with year-on-year increases of 11.3% in revenue and 26.7% in EBITDA."
"In fact, we continued to expand our subscriber base across our three business segments while reducing or maintaining churn rates despite the slow recovering economy. Television subscribers were up by 8.4%, high-speed Internet subscribers by 29.8% and the number of telephony lines by 89.3%. The Adjusted EBITDA margin rose 462 basis points to 37.9% reflecting revenue growth and the continued success of our cost cutting efforts," continued Mr. Alvarez.
"Looking ahead, to continue improving customer satisfaction and further strengthen our competitive position we have began to digitize our cable television network in the main cities in which we offer this service," concluded Mr. Alvarez.
Financial and Operational Highlights |
|||||||
(in million Mexican Pesos) |
2Q10 |
2Q09 |
% Chg. |
1H10 |
1H09 |
% Chg. |
|
Financial Highlights |
|||||||
Net revenue |
998.6 |
897.4 |
11.3% |
1,976.9 |
1,797.2 |
10.0% |
|
Operating profit |
148.5 |
127.4 |
16.6% |
280.9 |
231.8 |
21.2% |
|
Adjusted EBITDA |
378.8 |
298.9 |
26.7% |
731.4 |
601.6 |
21.6% |
|
Net income |
(25.5) |
65.4 |
n/a |
(23.9) |
(283.6) |
n/a |
|
Operating margin |
14.9% |
14.2% |
+68 bps |
14.2% |
12.9% |
+131 bps |
|
Adjusted EBITDA margin |
37.9% |
33.3% |
+462 bps |
37.0% |
33.5% |
+352 bps |
|
Net income margin |
-2.6% |
7.3% |
-985 bps |
-1.2% |
-15.8% |
+1457 bps |
|
Total Debt |
2,964.3 |
2,967.7 |
-0.1% |
2,964.3 |
2,967.7 |
-0.1% |
|
Net Debt |
2,859.9 |
2,682.0 |
6.6% |
2,859.9 |
2,682.0 |
6.6% |
|
Total Debt/ LTM Adj. EBITDA |
2.0x |
2.6x |
2.0x |
2.6x |
|||
Net Debt/ LTM Adj. EBITDA |
2.0x |
2.4x |
2.0x |
2.4x |
|||
EBITDA/ Net interest expense |
5.3x |
3.8x |
4.8x |
3.8x |
|||
Operational Highlights |
|||||||
Homes passed |
2 ,796,328 |
2,652,226 |
5.4% |
2,796,328 |
2,652,226 |
5.4% |
|
Cable Television subscribers |
9 53,535 |
879,923 |
8.4% |
953,535 |
8 79,923 |
8.4% |
|
High-speed internet subscribers |
325,231 |
250,511 |
29.8% |
325,231 |
250,511 |
29.8% |
|
Telephony lines |
180,255 |
95,203 |
89.3% |
180,255 |
95,203 |
89.3% |
|
To obtain the full text of this earnings release, please visit our Investor Relations website at www.cablemas.com/investor-relations under the Press Releases section.
This document may contain certain forward-looking statements concerning Cablemas' operations, performance, business, financial condition and growth prospects. These statements are based upon beliefs of management as well as a number of assumptions and estimates, which are inherently subject to significant uncertainties, many of which are beyond Cablemas' control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Mexican economy, including changes in inflation rates or exchange rates, changes in political conditions and government policies in Mexico, increased competition, regulatory developments and customer demand. These statements are made as of the date of this press release and Cablemas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise in light of these risks and uncertainties, there can be no assurances that the events described or implied in the forward-looking statements contained in this document will in fact transpire.
SOURCE Cablemas, S.A. de C.V.
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