Lithuanian cableco sees profit cut

November 13, 2013 08.22 Europe/London By Chris Dziadul

Balticum TVThe Lithuanian cable operator Balticum TV has posted a pre-tax profit of LTL2.2 million (Ä637,610) for the first nine months of this year.

This was 13.6% lower than in the same period last year, when, according to VZ, its net earnings reached LTL2.5 million.

Quoting Virginijaus Jurgeleviciasus, Balticum TVís director of administration, it adds that this was due to the acquisition of the telco Rygveda in August, which entailed covering some of the latterís obligations and also resulted in the shedding of some staff.

Balticum TVís income in the first nine months of the year amounted to LTL23.5 million, or 1.7% more than in the same period in 2012.

Its most lucrative market was the city of Klaipeda, with revenues of over LTL2 million a month, followed by the capital, Vilnius, with LTL400,000 a month.

Balticum TV is one of the longest established cable operators in Lithuania, tracing its roots back to the first cable network in Klaipeda in 1989.

A founder and permanent member of the Lithuanian Cable Television Association (LKTA), it currently has at least 85,000 cable and 25,000 internet subscribers.