British Virgin Islands-registered company China Cablecom Holdings, Ltd. announced its unaudited financial results for the second quarter of 2010. BVI company’s subsidiaries Binzhou and Hubei generated year-over-year increase of revenue of approximately 30% in the reported period. The revenues of Hubei were $10.9 million, an increase of 29% compared to the second quarter of 2009; Hubei earnings before interest and taxes represented company’s 55% share and were $2.6 million, this is 38% increase as compared to the second quarter of 2009. During the reported period, Hubei added nearly 23,000 subscribers. Binzhou reported revenues of $3.1 million, a 34% increase over the second quarter of 2009. Binzhou earnings before interest and taxes representing company’s 60% share was $1.4 million, a 54% increase over the second quarter of 2009.
In the reported period, China Cablecom’s consolidated revenues were $14 million compared to consolidated revenues of $10,7 million for the same period of the previous year. Operating expenses were $5.7 million compared to $4.7 million in the second quarter of 2009. In the second quarter of 2010, the BVI company reported net loss attributable to ordinary shareholders in the amount of $2.4 million, or$0.39 per share (basic and diluted), as compared to $4.4 million, or $1.37 per share in the second quarter of the previous year.
Also, China Cablecom reiterated its revenue guidance of $50-55 million for the full year of 2010. The BVI company expects earnings before interest and taxes in 2010 to be in the range of $14-15 million, accounting for the 60% economic ownership in Binzhou and 55% economic ownership in Hubei.