UPC losses double in 2007 and exceed 65m euros

Telecom operator UPC Romania posted losses worth 230.18 million RON (65.3 million euros) in 2007, up 107.8% against the previous year, according to company data from the draft of the merger with Electron M. Bit Telecom, Sebmar and Cablevision of Romania (CVR). In 2006, the company reported 110.784 million RON (31.4 million euros) in losses, as opposed to 13.173 million RON (3.7 million euros) in profit the previous year. According to UPC Holding BV’s financial report, released at the end of March, the Romanian operator ended 2007 with revenues worth 173.3 million euros, up 16.2% against 2006. UPC Romania did not release its 2007 turnover in RON. At the beginning of this year, UPC replaced Richard Anderson, who had been at the helm of the local company for eight years but did not provide details on the reasons for this change. His replacement is American-born Jack Mikaloff.