Technology

Hathway Cable in process of finalising fresh terms with LCOs in digital markets

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MUMBAI: Hathway Cable & Datacom, India‘s leading multi-system operator (MSO), has said that on account of digitisation it is in the process of finalising fresh terms with local cable operators (LCOs) in Mumbai and Delhi, the only cities in first phase where it has a direct presence. In Kolkata, Hathway has a presence through JV partner GTPL KCBPL.

Pending such finalisations, the management has on estimated basis recognised activation fees and subscription income in these two cities, which is based on on-going discussion with LCOs, market trend and considering the collection made till date.

The management has reasonable certainty of collecting the amount recognised as income, Hathway said.

Meanwhile, the company has seen its fiscal third quarter net loss widen to Rs 74.2 million from Rs 17.8 million in the preceding quarter on account of foreign exchange loss and decrease in other income.

Hathway suffered a foreign exchange loss of Rs 14.89 million compared to a gain of Rs 44.78 million during the fiscal second quarter. The company‘s other income decreased to Rs 13.55 million from Rs 30.63 million.

Net income from operations during the quarter, which saw the roll-out of first phase of digitisation, rose to Rs 1.53 billion from preceding quarter‘s Rs 1.3 billion.

Led by increase in pay channel cost and purchase of stock in trade, the expenses for the quarter also jumped to Rs 1.47 billion from Rs 1.37 in the earlier quarter.

The pay channel cost increased to Rs 429.6 million from Rs 390.4 million while the purchase of stock in trade grew to Rs 43.06 million from Rs 16.48 million.

The exceptional item includes the amount company spent on Digital Addressable System (DAS) which is Rs 26.79 million for the quarter as opposed to Rs 7.61 million in the previous quarter.

As of 31 December 2012, Hathway has utilised the entire amount of Rs 3.25 billion from the IPO proceeds that it had proposed to spend on development of digital capital expenditure, services and set-top boxes as well as development of broadband infrastructure.

The company has spent Rs 124.86 million on customer acquisition out of the proposed Rs 150 million.

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