NTL Ireland reported a 24.5 per cent increase in first-quarter profit yesterday, despite registering flat revenue for the period.
The firm, which supplies cable television to homes in Dublin, Waterford and Galway, boosted its profits by reducing bad-debt charges and employee costs.
NTL Ireland said it made £6.1 million (€8.9 million) earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2004, up from £4.9 million in the same period last year. The improved performance follows a restructuring at the company, including the introduction of a tougher credit policy and a reduction in staff numbers.
NTL generated sales of £17.5 million in the first quarter, exactly the same amount as in the same period last year.
However, NTL's turnover slipped back in the first quarter when compared to the last three quarters of 2003, when the firm made sales of £18.7 million, £17.9 million and £18.4 million respectively.
An NTL spokeswoman said a number of exceptional items, such as renegotiated supplier agreements and a successful court challenge, boosted 2003 results.
In the first quarter of 2004, NTL Ireland's parent, UK-based NTL Group, achieved its first operating profit. It reported an operating profit of £2.2 million, compared to an operating loss of £54.1 million a year earlier.
