Canbrás still expanding but less bullish on 2002 financials

Second-quarter financial statements released by Canbrás Wednesday, July 25, show continuing expansion of the subscriber base, from 176,000 at end-March to 182,900 in June. Broadband Internet customers rose from 9,900 to 11,600 in the period. The number of premium pay-TV subscribers reached 76,000. Average revenue per pay-TV subscriber was 49.19 reals. Net revenue totaled 10.5 million US dollars in the period, with EBITDA of 1m USD and a net loss of 700,000 USD. Projected revenue, EBITDA and investment for 2002 have all been revised down about 15% in dollar terms to take account of the real?s depreciation. The subscriber base is still expected to reach 190,000-200,000 by the end of the year. Management says the books are balanced for the current year but difficulties may be faced in financing growth and operations in 2003.


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