Sky TV shares sink on profit warning
Pay TV provider leads NZX 50 decliners.
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Sky TV [NZX:SKT] lead NZX 50 decliners today, with its shares falling $4.78% to $5.38 on a profit warning.
An annual meeting presentation said profit for the year to June 30, 2012 would be $120-$125 million, in line with 2011 ($120 million) and well below analysts' consenus of $136 million.
Capex would increase from $150 million to $160 million. Analysts had been picking a fall to $123 million.
The rise was blamed on extra marketing, MySky unit and transponder costs, and the cost of adding extra channels.
The company said total subscriber numbers had increased to 829,000 and it expected to meet the market expectation of 860,000 by the end of the year - with growth strong in the higher yielding (if costly to deploy) MySky.
(Click to enlarge)
RAW DATA: Sky TV's annual meeting presentation (PDF)
NBR staff
Fri, 21 Oct 2011
Fri, 21 Oct 2011
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Sky TV shares sink on profit warning
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