Canbras Communications Corp. has announced results for Brazilian operations in the second quarter and first half of 2003. The cable subscriber base decreased by about 1,000, totaling roughly 190,000 at the end of June. The drop is attributed to higher prices in line with accelerating annual inflation.
Premium pay-TV programming went to 70,000 subscribers in the second quarter. The broadband Internet service had roughly 14,400 subscribers at the end of the period, up from just over 12,000 in March.
Financial performance improved in the first half. Revenues totaled approximately 29 million Canadian Dollars, or about 62m Brazilian Reals, for a year-over-year increase of 14% in local currency. The bottom line was net income of 3.6m CAD (7.7m BRL), compared with a loss of 4.8m CAD in the first half of 2002. Average revenue per cable subscriber was 54.12 BRL.
The release announcing the second-quarter results reiterates that Canbras?s Brazilian operations remain up for sale but has nothing new to say on the subject. Canbras is a publicly traded Canadian company controlled by Bell Canada International (BCI).