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UPDATE 2-Sky Deutschland core profit rises as fewer subscribers cancel
August 6, 2014 / 6:00 AM / 3 years ago

UPDATE 2-Sky Deutschland core profit rises as fewer subscribers cancel

2 Min Read

* Q2 EBITDA rises 8.5 pct to 45.3 mln euros

* Says added 82,000 new subscribers in Q2

* Expects 400,000-450,000 subscribers by June 2015

* Shares down 0.1 pct (Adds details on short fiscal year, analyst, shares)

FRANKFURT, Aug 6 (Reuters) - German pay-TV provider Sky Deutschland said on Wednesday its second-quarter core profit rose 8.5 percent as subscriber cancellations dropped to a record low.

The company, controlled by Rupert Murdoch's entertainment group 21st Century Fox, reported second-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of 45.3 million euros ($60.54 million).

BSkyB in late July offered holders of Sky Deutschland 6.75 euros per share as part of Murdoch's plan to combine it with BSkyB and Sky Italia to create a media powerhouse with 20 million customers.

Sky Deutschland's net subscriber numbers increased by 82,000 during the second quarter.

"All in all a solid set of key figures," DZ Bank analyst Harald Heider wrote, keeping a "buy" rating on the stock, partly due to the takeover offer from Britain's BskyB.

At 0706 GMT, shares in Sky Deutschland were down 0.1 percent at 6.743 euros each.

In anticipation of the planned combination, Sky Deutschland had a short fiscal year, which ended on June 30. This is to align its reporting with that of BSkyB, whose fiscal year runs from July to June.

For the new 2014/15 fiscal year, Sky Deutschland expects EBITDA of between 80 million and 110 million euros and expects to add 400,000-450,000 new subscribers by June 2015.

Sky Deutschland had previously said it expected to realise that number by December of this year.

1 US dollar = 0.7483 euro Reporting by Harro ten Wolde and Christoph Steitz; Editing by Maria Sheahan and Jane Merriman

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