Lithuanian Cgates improves performance

October 30, 2012 10.27 Europe/London By Chris Dziadul

Cgates, Lithuania’s second largest provider of TV and internet services after TEO LT, has posted revenues of LTL19.4 million (€5.6 million) for 2011.

According to VZ, quoting unconsolidated results filed with the State Centre of Registers, this was 75% more than a year earlier, while the company’s profit amounted to LTL180,000.

Cgates supplies services to a number of companies including Marijampole Cable TV, Alytaus Cable TV and Telesat, all of which were in the black last year.

Kaunas-based Mikrovisatos TV, which it acquired late last year, had revenues of LTL21 million and a net profit of LTL1.8 million in 2011, both of which were down on a year earlier.

Cgates, which provides services to over 100,000 subscribers, listed Cyprus-registered Advanced Broadband (43.6%) and SEB Venture Capital (39.9%) as its main shareholders as of the end of last year.