Lausanne, Switzerland (GenevaLunch) – Kudelski Group 27 February reported a loss of CHF7 million for 2008 after profits in 2007 of CHF67m, but sales have grown significantly, particularly in its digital TV division. The company in August was still forecasting 2008 profits of CHF5-10m despite a loss of CHF34.9m in the first half of the year. The group started to recover in the second half, posting a CHF27.9m profit for the period.
Group net revenues grew by 11%, with digital TV up 15.3%, and operating profit was CHF18.4m. The Group’s financial report states that the cost of migrating customers to a new “service” rather than sales model, and providing new smart cards was a major investment in early 2008 that will be fruit in 2009. “Service model revenues are expected to fully kick in starting in the second half and one-off migration costs will be substantially lower than in 2008. The Group expects improved operating profits and substantially better cash flows for 2009.”
Kudelski is a world leader in digital access systems for television.
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News story, GenevaLunch, 28 February 2009.
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