Subscriber losses hit Cabovisao
11.06 Europe/London, October 28, 2011 By Julian Clover Net customer losses and downgrades characterised another troubled quarter for Cabovisao.
Portugal has been severely hit by the European economic crisis, with Cogeco blaming downward pressure on consumer spending following a reduction in social spending and an increase in taxes.
In the third quarter Cogeco took a non-cash impairment loss of $29.3 million (€20.86m) on its controversial Canadian investment.
The company said it would make every effort to hold its own until conditions return to normal.
The number of Basic Cable service customers decreased by 2,350 in the fourth quarter to August 31, compared to an increase of 1,591 customers in the comparable period of the prior year. Cabovisao closed the period with 255,777 Basic Cable subscribers.
Digital TV decreased by 5,182 customers to 164,580; telephony fell by 772 to 248,872 and broadband internet by 2,556 to 162,436.