British satellite broadcaster BSkyB said Friday its first quarter profits tumbled by almost 30 percent, hit by its costly launch into the fiercely-competitive markets for broadband Internet and telephone services. The pay TV giant said in a results statement that profits fell to 84 million pounds (121 million euros, 175 million dollars) in the three months to September, compared with 116 million pounds a year earlier.
Pre-tax profit dived 27 percent to 121 million pounds even as revenue climbed 11 percent to 1.185 billion pounds.
BSkyB now has 8.665 million subscribers for its pay-TV service.
"As expected, our financial performance reflected strong product sales, our investment in high quality programming and a full quarter of investment in Sky Broadband and Talk," said group chief executive James Murdoch, son of US media tycoon Rupert Murdoch.
"We expect that performance for the full year will be in line with our plans," he added.
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http://www.spacemart.com/reports/BSkyB_profits_slump_in_first_quarter_999.html
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