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  • Q1-17: Den Networks reports higher standalone revenue, operating profits

    Q1-17: Den Networks reports higher standalone revenue, operating profits

    BENGALURU: Multiple-systems operator Den Networks Limited (Den) reported 21.2 percent increase in standalone Total Income from operations (TIO) for the quarter ended June 30, 2016 (Q1-17, current quarter) as compared to the corresponding year ago quarter (Q1-16). The company also reported a standalone operating profit (EBIDTA) of Rs 4.58 crore (1.9 percent margin) in the current quarter as opposed to a standalone operating loss (negative EBIDTA) of Rs 26.44 crore. Den’s standalone TIO for the current quarter was Rs 238.67 crore as compared to Rs 196.89 crore. EBIDTA including other income was Rs 15.45 crore (6.2 percent margin) in Q1-17 as opposed to an operating loss (including other income) of Rs 6.01 crore in Q1-17.

    However the company reported higher standalone losses for the current quarter as compared to the corresponding year ago quarter. Net loss after tax (PAT) increased to Rs 57.40 crore in Q1-17 as compared to loss of Rs 53.49 crore in Q1-16. Standalone Total Comprehensive Income (TCI) was lower at a negative Rs 56.93 crore in Q1-17 as compared a negative Rs 51.74 crore in Q1-16.

    Segment numbers

    The company has two operating segments – Cable Distribution Network (Cable) and Broadband. Both segments reported improved operating numbers.

    Cable segment reported 15.1 percent growth in standalone operating revenue in Q1-17 at Rs 220.88 crore as compared to Rs 191.87 crore in Q1-16. Standalone operating loss in the current quarter was lower at Rs 31.19 crore as compared to a standalone operating loss of Rs 37.29 core in Q1-16.

    Broadband segment standalone revenue more than tripled (over 3.5 times) in the current quarter to Rs 17.79 crore as compared to Rs 5.02 crore in Q1-16. The segment reported lower standalone operating loss in Q1-17 of Rs 14.26 crore as compared to an operating loss of Rs 19.24 crore in the corresponding year ago quarter.

    Let us look at the other numbers reported by Den

    Standalone Total Expenditure in the current quarter was 12.1 percent higher at Rs 284.12 crore (119 percent of TIO) as compared Rs 253.43 crore (128.7 percent of TIO) in Q1-16.

    As percentage of TIO, Total expenditure in the current quarter was lower as compared to Q1-16. Most major standalone cost heads decreased in the current quarter as compared to the corresponding year ago quarter except for Content Costs, Other Expenses and Depreciation and Amortisation and hence wiped away the increase in TIO and resulted in higher loss. Other factors that contributed to higher loss were lower Other Income and higher Finance costs in Q1-17.

    As mentioned above, a major cost head for Den is Content Costs which increased by a massive Rs 30.70 crore or 35 percent to Rs 107.28 crore (44.9 percent of TIO) in Q1-17 from Rs 79.47 crore (40.4 percent of TIO). Standalone

    Other Expenses increased 5.4 percent in the current quarter to Rs 62 crore (26 percent of TIO) as compared to Rs 58.84 crore (29.9 percent of TIO) in Q1-16.

    Standalone Placement fees declined 21.8 percent in the current quarter to Rs 43.69 crore (18.3 percent of TIO) as compared to Rs 55.89 crore (28.4 percent of TIO).

    Standalone Employee benefits expense in Q1-17 declined 14.3 percent to Rs 19.57 crore (8.2 percent of TIO) as compared to Rs 22.83 crore (11.6 percent of TIO) in Q1-16.

    Standalone Finance costs in the current quarter increased 31.2 percent to Rs 22.82 crore (9.6 percent of TIO) as compared to Rs 17.39 crore (8.8 percent of TIO) in Q1-16.

    Standalone Other Income in Q1-17 was almost half (declined 46.8 percent) to Rs10.87 crore as compared to Rs 20.43 crore in Q1-16.

    Note: (1) All numbers mentioned in this report are standalone unless stated otherwise.

  • Q1-17: Den Networks reports higher standalone revenue, operating profits

    Q1-17: Den Networks reports higher standalone revenue, operating profits

    BENGALURU: Multiple-systems operator Den Networks Limited (Den) reported 21.2 percent increase in standalone Total Income from operations (TIO) for the quarter ended June 30, 2016 (Q1-17, current quarter) as compared to the corresponding year ago quarter (Q1-16). The company also reported a standalone operating profit (EBIDTA) of Rs 4.58 crore (1.9 percent margin) in the current quarter as opposed to a standalone operating loss (negative EBIDTA) of Rs 26.44 crore. Den’s standalone TIO for the current quarter was Rs 238.67 crore as compared to Rs 196.89 crore. EBIDTA including other income was Rs 15.45 crore (6.2 percent margin) in Q1-17 as opposed to an operating loss (including other income) of Rs 6.01 crore in Q1-17.

    However the company reported higher standalone losses for the current quarter as compared to the corresponding year ago quarter. Net loss after tax (PAT) increased to Rs 57.40 crore in Q1-17 as compared to loss of Rs 53.49 crore in Q1-16. Standalone Total Comprehensive Income (TCI) was lower at a negative Rs 56.93 crore in Q1-17 as compared a negative Rs 51.74 crore in Q1-16.

    Segment numbers

    The company has two operating segments – Cable Distribution Network (Cable) and Broadband. Both segments reported improved operating numbers.

    Cable segment reported 15.1 percent growth in standalone operating revenue in Q1-17 at Rs 220.88 crore as compared to Rs 191.87 crore in Q1-16. Standalone operating loss in the current quarter was lower at Rs 31.19 crore as compared to a standalone operating loss of Rs 37.29 core in Q1-16.

    Broadband segment standalone revenue more than tripled (over 3.5 times) in the current quarter to Rs 17.79 crore as compared to Rs 5.02 crore in Q1-16. The segment reported lower standalone operating loss in Q1-17 of Rs 14.26 crore as compared to an operating loss of Rs 19.24 crore in the corresponding year ago quarter.

    Let us look at the other numbers reported by Den

    Standalone Total Expenditure in the current quarter was 12.1 percent higher at Rs 284.12 crore (119 percent of TIO) as compared Rs 253.43 crore (128.7 percent of TIO) in Q1-16.

    As percentage of TIO, Total expenditure in the current quarter was lower as compared to Q1-16. Most major standalone cost heads decreased in the current quarter as compared to the corresponding year ago quarter except for Content Costs, Other Expenses and Depreciation and Amortisation and hence wiped away the increase in TIO and resulted in higher loss. Other factors that contributed to higher loss were lower Other Income and higher Finance costs in Q1-17.

    As mentioned above, a major cost head for Den is Content Costs which increased by a massive Rs 30.70 crore or 35 percent to Rs 107.28 crore (44.9 percent of TIO) in Q1-17 from Rs 79.47 crore (40.4 percent of TIO). Standalone

    Other Expenses increased 5.4 percent in the current quarter to Rs 62 crore (26 percent of TIO) as compared to Rs 58.84 crore (29.9 percent of TIO) in Q1-16.

    Standalone Placement fees declined 21.8 percent in the current quarter to Rs 43.69 crore (18.3 percent of TIO) as compared to Rs 55.89 crore (28.4 percent of TIO).

    Standalone Employee benefits expense in Q1-17 declined 14.3 percent to Rs 19.57 crore (8.2 percent of TIO) as compared to Rs 22.83 crore (11.6 percent of TIO) in Q1-16.

    Standalone Finance costs in the current quarter increased 31.2 percent to Rs 22.82 crore (9.6 percent of TIO) as compared to Rs 17.39 crore (8.8 percent of TIO) in Q1-16.

    Standalone Other Income in Q1-17 was almost half (declined 46.8 percent) to Rs10.87 crore as compared to Rs 20.43 crore in Q1-16.

    Note: (1) All numbers mentioned in this report are standalone unless stated otherwise.

  • Adelphia closes asset sale to Time Warner Cable & Comcast

    Adelphia closes asset sale to Time Warner Cable & Comcast

    MUMBAI: US cable television company Adelphia Communications Corporation has completed the sale of all of its assets to Time Warner Cable and Comcast Corporation for the aggregate consideration of approximately $12.5 billion in cash and approximately 16 percent of the equity of Time Warner’s cable subsidiary.

    As a result of the sale, Adelphia will no longer operate as a U.S. cable company. Its approximately 4.8 million customers will be distributed between Time Warner Cable and Comcast.

    Teams from the buyers and Adelphia have worked together for months to ensure an orderly transition for customers, communities and the almost 13,000 Adelphia employees who will transfer to Time Warner Cable and Comcast, states an official release.

    Concurrent with the closing of the sale, Adelphia also consummated a plan of reorganization for the former joint ventures with Comcast (Century-TCI and Parnassos), resulting in the repayment in full of approximately $1.7 billion of indebtedness. Adelphia will hold the remaining sale proceeds for distribution to its creditors through a Plan of Reorganization as it seeks to resolve its Chapter 11 bankruptcy case in the US Bankruptcy Court for the Southern District of New York.

    On 24 July 2006 Adelphia announced an agreement on a framework for a Plan of Reorganization intended to result in a fourth quarter 2006 emergence from Chapter 11. The agreement enjoys widespread support among Adelphia’s major unsecured creditors, including the Official Committee of Unsecured Creditors, though several constituencies do not support it. Adelphia’s obligations under the agreement and the reorganization plan envisioned by it are subject to approval by the Bankruptcy Court.

    UBS Investment Bank and Allen & Company LLC served as Adelphia’s financial advisors for the sale transaction. Sullivan & Cromwell LLP served as Adelphia’s legal advisor for the sale. Willkie Farr & Gallagher LLP continues to serve as Adelphia’s legal counsel for the Chapter 11 bankruptcy process.