Liberty Global Inc. (NASDAQ: LBTYA), which provides video, voice, internet and cable services to 17 countries, saw its fiscal first quarter profit tumble despite higher revenue.
On Thursday, the company reported a loss of $136.1 million, or 35 cents a share, compared with net income of $268.2 million, or 52 cents, in the year-earlier period.
Revenue grew 11 percent, however, to $2.11 billion from $1.49 billion a year ago.
A survey analysts by Thomson Financial produced consensus estimates of a loss of 10 cents a share on revenue of $2.07 billion.
The companyâ€™s loss was driven principally by higher interest expense and losses on financial and derivative instruments, partially offset by higher operating in come and lower income tax expense.
Englewood, Colo-based Liberty Global said Western Europe drove growth in operating cash flow, with Switzerland up 30 percent. The Netherlands returned to double-digit growth as well, due to the company's launch of digital cable.
Based on the results that we delivered in Q1, we expect to achieve our full-year 2007 guidance targets, said president and CEO, Mike Fries.
Liberty Global shares gained 26 cents, or 0.70 percent, to reach $37.35 in mid-day trading on the Nasdaq Stock Market.