Entertainment and communication services major Virgin Media, Inc. (VMED.L) Wednesday posted higher profit for the first quarter citing increased gain on derivative instruments, reduced loss on extinguishment of debt and reduced interest expense. Further, the top line was ahead of the comparable period last year on increased revenue from cable.
For the three months, the company posted net income of 138.9 million pounds, up from 7 million pounds last year. On a per share basis, earnings were 46 pence versus 2 pence a year earlier.
Revenue for the period rose to 1.042 billion pounds from 1.006 billion pounds a year back, with cable contributing 725.8 million pounds, up from 678.3 million pounds last year.
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