Eircom parent sees debt levels hit 3
BCMIF incurred finance charges of 355m in the year to finish March 07, with 286m arising from Eircom and 162m from BCMIF itself. Roughly half the finance fees associated towards the early termination of covenants and renegotiation of Eircom's debt at the time on the takeover and were onceoff events.
Earlier this month, BCM Finance renegotiated three.3bn in debt, shaving 50 base points off the price, at a saving of 16m inside a complete year, michael kors watch .
according to chief executive of Eircom Rex Comb.
Babcock Brown Capital told its shareholders by means of the Australian stock exchange that Eircom is forecast to contribute Aus$0m to Aus$5m to the BCM outcome for the year to June 07. BCM is due a 6m management charge from Eircom which can be outstanding in the end March 07 accounts.
BCM Ireland Finance owns a 57.1pc stake in Eircom, though associate corporations own a additional 7.9pc, with the ESOT owning 35pc on behalf of former and current employees
Eircom has reported operating earnings of 240m for the year to the finish of March, up from 234m a year earlier, as total revenue rose 16pc to 1.96bn with income from its fixedline enterprise generating the most contribution to turnover. After finance fees, there was a loss before tax of 75m plus a net loss of 97m, although Eircom itself made a modest profit of 7m.
Eircom won an extra 57,000 DSL broadband consumers within the quarter to endMarch, bringing the total to 417,000. This marked an 81pc increase around the preceding year. Considering the fact that March, , toms outlet , the amount of subscribers has improved to 440,000.
The group stated the amount of subscribers at its Meteor mobile division jumped by 33pc more than the year to 832,000.
It added that this had moved as much as 849,000 by the middle of May. Underlying income at Meteor were tomsshoesforwomen.net/ 54m for the year.
Despite the success of Meteor, chief executive Rex Comb has ruled out a rebranding of Meteor to an Eircom name.
Fixedline income was up 2pc more than the year louis vuitton 2013 to 1.65bn, but underlying earnings dropped slightly to 594m, due partly for the price of repairing winter storm harm to its network.
Rob Topfer, executive director of BCM, stated he was really pleased with BCM's very first investment, which is valued on BCM books at 454m.
BCMIF is often a singlepurpose financing entity inside the Babcock Brown Capital/Eircom group corporate structure.
Mr Comb stated Eircom had not applied towards the regulator for an increase in its line rental rates, even though the company's costs were going up. But he said an increase could not be ruled out in future years.
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