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BSkyB says net profits jump 54 percent in first half
London (AFP) Jan 28, 2010 British pay-TV giant BSkyB announced on Thursday that first-half net profits leapt 54.2 percent on the back of higher revenues and cost cutting, despite the uncertain economic outlook. Net profits surged to 256 million pounds (295 million euros, 416 million dollars) in the six months to December 31, compared with 166 million pounds in the same part of the previous fiscal year, BSkyB said in a results statement. Revenues soared 10.5 percent to 2.873 billion pounds, as thousands more customers flocked to its services that include live English Premier League football, as well as telephone and Internet services. And the broadcaster also announced that it would launch Europe's first-ever 3D television channel in April. "While the economic outlook remains uncertain, we remain well positioned with high-quality products offering customers great value for money," Chief Executive Jeremy Darroch said in the earnings release. He added that the group would look to build on its High Definition television services -- which offers better picture quality. "In addition to customer growth and take-up of additional products, we will seek to extend and build on our leadership position in high definition and seek to grow our share in home communications," Darroch said. "We will continue to invest sensibly where we see long-term advantage and stay disciplined on costs." Operating profit before exceptional costs, which is keenly watched by industry analysts, rose 4.2 percent to 401 million pounds. That slightly undershot market expectations for profit of 413 million pounds. BSkyB, whose biggest shareholder is Rupert Murdoch's News Corp, added that its customer base soared 172,000 to 9.7 million in the second quarter, or three months to the end of December. In response to the results, BSkyB's share price jumped 2.98 percent to 570.50 pence in morning trade on the London stock market, which was 0.84 percent higher. "The numbers have been well received, as evidenced by the spike in the share price in early trade, and little wonder," said analyst Richard Hunter at Hargreaves Lansdown Stockbrokers. He added: "In particular, the rollout of the High Definition service continues apace, and the company's long-anticipated target of 10 million customers by this year is now within sight at 9.7 million."
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