Comcast profits soar in first quarter

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Comcast, the largest cable operator in the US, posted a big leap in first-quarter profits, boosted by take-up of digital cable and internet services.

The company reported quarterly profits of $313m, up from $65m in the year-ago period. Revenues swelled to $5.36bn from $4.91bn a year ago.

Digital customers ordered more than 100m programmes on demand in March, three times the amount in March 2004. And high-speed internet revenues rose 32.5% to $925m.

Comcast is acquiring the assets of bankrupt US cable group Adelphia with Time Warner in a $17.6bn deal. The move will give Comcast an additional 1.8m subscribers.

Comcast chairman and chief executive Brian Roberts said Comcast had enjoyed a "great start" to 2005.

He went on: "The first quarter of 2005 demonstrates that we are executing on all fronts, delivering strong operational and financial results, returning capital to shareholders and making investments to support our ongoing growth.

"Comcast has never had more potential for growth or been in a better position to take advantage of those opportunities.

"We are excited about the future of the cable business and we just announced transactions with Time Warner and Adelphia that will allow us to expand our footprint and accelerate the deployment of our advanced services even further."

Comcast added 200,000 new digital subscribers and 414,000 high speed internet customers in the first quarter. Comcast has 8.8m cable subscribers and 7.4m internet subscribers.

Lovelacemedia  |  29.04.2005

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