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MSO Hathway posts loss of INR103mn in Q2

Indian multi system operator Hathway Cable and Datacom has posted a net loss of INR 103.18 million in the quarter ending 30 September, compared to a profit of INR40.39 million registered during the same quarter of 2010.

Hathway attributes its net loss to depreciation, amortization and impairment, at INR 252.70 million. The MSO also lost INR 10.53 billion through an exchange fluctuation.

The Mumbai-based company also posted a total income of INR 1.28 billion and total expense of INR1.07 billion for the second quarter of 2011.

In the three months to 30 September 2010, Hathway's total income stood at INR1.3 billion, and total expense at 943.96 million.

The amount paid by Hathway to TV channels hit INR 345.6 million for the three months to 30 September, compared with INR280.33 million in the same quarter last year.

The MSO also reported operational profit - before other income, interest, depreciation and exceptional items - of INR218.28 million for Q2 2011.

Hathway said it had teamed up with Ericsson to modernise its head ends in Mumbai, Delhi, Bangalore and Hyderabad in preparation for the government's plans for cable TV digitisation.

Last month, Hathway's managing director K Jayaraman said the MSO would need to invest INR 5-6 billion in order to digitise its cable network by the end of 2014, as per the government's mandate.

Hathway disclosed it had spent INR3.91 billion by 30 September from INR4.8 billion raised by its initial public offering (IPO) in February 2010.

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