Exhib Lusomundo records $9 mil loss
LISBON — Portugal’s largest media player, PT Multimedia, reported revenues of 650 million euros ($562 million) for 2001, a 260% increase on 2000, with a net loss of $79 million.
Its exhib Lusomundo, acquired in November 2000, recorded a $9 million loss, contrasting with a $4.7 million profit in 2000.
This loss results from one-off adjustments to PT Multimedia’s accounting system. Lusomundo’s revenues rose by 8% in 2001 to $252 million, including a 32% boost in audiovisual income.
Lusomundo now has more than 100 cinema screens in Portugal, recording 8.6 million admissions in 2001, and 95 screens in Spain, with 6.1 million tickets sold.
Revs at its feevee TV Cabo, which controls 90% of Portugal’s cable TV market, rose by 43% to $240 million. TV Cabo posted a net loss of $10.7 million. TV Cabo now has 1.15 million basic subscribers, 30% of all Portuguese TV households.
It hopes to boost subscribers and revenues in 2002 via the launch of its digital interactive service.
At present it has 3,000 subscribers — well below the 100,000-plus projected.