Quickbites — BSkyB profits up 22%

BSkyB profits up 22%BSkyB, the British satellite broadcaster controlled by US-Australian media magnate Rupert Murdoch, reported a 22-per ce...

BSkyB profits up 22%

BSkyB, the British satellite broadcaster controlled by US-Australian media magnate Rupert Murdoch, reported a 22-per cent rise in annual profits, lifted by higher subscriber and advertising revenues. The company’s pre-tax profits in the 12 months to June totalled 313.7 million pounds, compared to 257.4 million pounds a year earlier. Group turnover was up by 26 percent to 1.27 billion pounds, from 1.008 billion pounds in the year to June 1996.

"Turnover and profits have grown strongly and debt levels have been reduced at a time when the company is investing for the future. Our service now reaches one quarter of all homes in the United Kingdom," said BSkyB Chief executive Sam Chisholm. BSkyB, the dominant British analogue satellite and cable broadcaster, increased its number of subscribers in Britain and Ireland by 878,000 to 6. 372 million, while advertising revenue grew by 36 percent to 150 million pounds.

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Profits were also boosted by a payment of 14 million pounds for BSkyB programme sales to the British Digital Broadcasting consortium, which won a license in June to launch digital terrestrial services in Britain in late 1998.

Europeans win China dam contract

Three European consortiums, one with a Canadian partner,have won coveted contracts to supply 14 sets of turbines and generators for China’s massive Three Gorges dam project, informed business sources said. An alliance between Germany’s Voith and Siemens AG and a Canadian subsidiary of US giant General Electric Co. will supply six turbines and six generators, the sources said. Anglo-French group GEC-Alsthom will provide eight turbines, while Asea Brown Boveri Ltd. (ABB) of Switzerland will provide the accompanying eight generators. The sources were unable to specify the total value of the contracts, although estimates have put the figure at around $800 million.

Foreign investment in Burma rises

Foreign investment in Burma is growing, bringing the country’s economy to a turning point, the state-run press reported. Some 22 countries had invested a total of more than $6.2 billion through firms, with oil and natural gas the biggest sector for foreign involvement, the New Light of Myanmar said in a commentary. The country was no longer operating a socialist or centralised economic system,the paper said, and now welcomed foreign investment. State-owned companies were being gradually privatised.

"Today’s national economic system is totally different from the past’s centralised economic policy as Myanmar (Burma) has changed to market-orientated economic system," the daily said. "Thus it can be said the nation’s economy is at a turning point. The number of foreign firms allowed to invest in Burma in fiscal 1996 was 78, double the 39 admitted the previous year. The 78 firms invested $2.8 billion, up from 668 million the year before, the paper said. Britain ranked highest in the latest list of foreign investors, with 29 firms bringing $1.32 billion.