Impressive:
Sydney - Thursday - August 3: (RWE Aust Business News) - Austar
United Communications Ltd (ASX:AUN) reported unaudited net profit for the
half year to June 30 2006 of $26.5 million, up 48 per cent on the prior
corresponding half's $17.9m profit.
It also announced significant developments in its debt and
capital structuring with a 16c per share return to shareholders.
Revenue was $242.1 million versus $219.9m previously.
*****
Outlook
Chief executive John Porter said the first half was full of
activity with one of the highest gains yet, over 20,000 subscribers, in
the second quarter.
"Meanwhile our other key financial indicators continue to
point to a bright future, of sustainable, profitable growth," he said.
In regard to its revised senior debt arrangements Mr Porter said
the company was well placed to support a higher debt profile and with
strong debt markets it was a very good time to be entering into new
arrangements.
Assuming a favourable ruling from the Australian Tax Office, the
record date for the capital return will be nine days from the date on
which the ruling is received, allowing ordinary shareholders on that date
to be eligible to receive a 16c per share return of capital, to be
paid approximately two weeks after the record date.
The company is now heavily focussed on its H2 priorities, which
include sustaining momentum in subscriber acquisition, launching its
lower priced entry package, building its second pilot broadband market,
and readying the company for the launch of MyStar in early 2007.
*****
Result
Mr Porter said this year there had been significant growth in
subscribers, profit and available liquidity.
"Our television business continues to generate strong cashflows,
and as a result we announced today the successful completion of a $600
million senior debt facility with our banking syndicate, which will allow
for a $202 million capital return by the end of August," he said.
"Our shareholders have provided us with great support, so we are
pleased to see them rewarded- not only with a stronger share price, but
with a 16 cents per share capital return as well.
"The implementation of the capital return is subject to a final
ruling from the Australian Tax Office which is expected in the next week
to 10 days."
Total television subscribers were 570,878, following a net
subscriber gain for the first half of 36.918.
Earnings before interest, taxation, depreciation and amortisation
(EBITDA) increased by 8pc to $67 million compared to the same period last
year.
This reflected a 13pc increase in gross margin to $131m, and an
18pc increase in operating expenses to $64m.
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