BSkyB profits from package offerings
Source: Agencies |
October 20, 2011, Thursday
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Print Edition
Print Edition
THIRD-QUARTER profits at British Sky Broadcasting, in which Rupert Murdoch's News Corporation has a large minority stake, rose as increasing sales of telephone and broadband packages offset a slowdown in new television subscriptions.
The company said operating profits in the third quarter rose by 24 percent to 225 million pounds (US$355 million) from 182 million pounds a year ago. Revenue increased 8.5 percent to 1.66 billion pounds as customers rose by 4 percent to 10.4 million.
BSkyB shares rose 4.4 percent to 705 pence on the London Stock Exchange.
"Against a grim economic backdrop, these are very good figures," said Steve Malcolm, analyst at Evolution Securities, who rates the shares as a buy.
BSkyB said 28 percent of its customers have signed up to its triple package of TV, broadband and telephone services, up from 23 percent a year ago.
Earlier this year, News Corp had to shelve its bid to take full control of BSkyB in the wake of a phone hacking scandal and alleged bribery of police at its Sunday tabloid News of the World.
As a result, BSkyB shares slumped from around 850 pence to a little over 600 pence.
BSkyB also garnered 77 million pounds in sales of set-top boxes to News Corp-owned sister broadcaster Sky Italia, up from 48 million pounds the year before.
The company said operating profits in the third quarter rose by 24 percent to 225 million pounds (US$355 million) from 182 million pounds a year ago. Revenue increased 8.5 percent to 1.66 billion pounds as customers rose by 4 percent to 10.4 million.
BSkyB shares rose 4.4 percent to 705 pence on the London Stock Exchange.
"Against a grim economic backdrop, these are very good figures," said Steve Malcolm, analyst at Evolution Securities, who rates the shares as a buy.
BSkyB said 28 percent of its customers have signed up to its triple package of TV, broadband and telephone services, up from 23 percent a year ago.
Earlier this year, News Corp had to shelve its bid to take full control of BSkyB in the wake of a phone hacking scandal and alleged bribery of police at its Sunday tabloid News of the World.
As a result, BSkyB shares slumped from around 850 pence to a little over 600 pence.
BSkyB also garnered 77 million pounds in sales of set-top boxes to News Corp-owned sister broadcaster Sky Italia, up from 48 million pounds the year before.
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