AMSTERDAM -- Cash-strapped Dutch cabler United Pan-Europe Communications has posted sales of £1.38 billion ($1.21 billion) for 2001, up 38%, but has delayed issuing full figures for the year for another two weeks due to its current restructuring.
UPC defaulted on its public debt a month ago and is restructuring $5.7 billion of its near $8 billion debt burden in a debt-for-equity swap, the bulk of it by UPC parent, United GlobalCom.
2001 was a difficult year for UPC, but the company's losses for the year before interest, depreciation, amortisation and other items was more than halved to $143 million through cost-cutting. Staff was reduced by 15%, a move that is expected to bring a $70.4 million saving in 2002.
UPC also said it signed up 481,000 new customers in 2001, and pushed its average income per subscriber up 16% to $11.20.
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