Cable firm Ziggo posts a loss

Cable company Ziggo is the third Dutch firm owned by foreign private equity funds to post a loss in 2007, the Volkskrant reports on Wednesday.

Ziggo, the new name for the combined services of Casema, @home and Multikabel, booked a loss of €264m last year, due largely to high interest rates. Almost half its €1bn income last year went on servicing debt, the paper says. The company, which has 3.3 million subscribers, has total debt of almost €6bn.
Waste processing firm Van Gansewinkel and retail group Hema also posted a loss last year because of the cost of paying for their takeovers, the paper says.
Ziggo CFO Walter Blom tells the paper that the company is pleased with its results. Turnover rose by 15% compared with pro-rata turnover in 2006. He said it was too soon to say when Ziggo would make a profit.

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