Zon profit hit by higher costs

Portuguese cable TV operator Zon Multimedia (formerly PT Multimedia) has seen its 2008 net profit hit by higher financial costs and increased expenditures. The higher costs meant profit slipped almost 3% to EUR47.9 million (USD60.6 million) even though revenues for the year were up 8.5% at EUR776.6 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 11% to EUR244.5 million. Zon added 421,400 net new users in 2008 to take its total customer base to 2.83 million. Additions included 78,800 broadband internet customers which left it with 479,000 internet customers at end-December.