Hot chills with Q3 loss

November 18, 2009

Hot Cable Systems, the Israeli cablenet at the centre of a takeover by the French businessman Patrick Drahi, has reported a net loss of NIS 16 million for the third quarter of 2009.

The operator lost 2,000 TV subscribers, though grew telephony and broadband subs, the latter adding 8,000 new homes.

The losses contrast with a net profit of NIS 25 million for the third quarter of 2008. HOT attributed the reduction to increased depreciation and amortisation costs and a NIS 8 million provision for legal costs.

Drahli, the founder of Altice, the key investor in the French cablenet Numericable, this week increased his holding in HOT to 42% from 33% at the start of October.