NTL Ireland reported pretax profits of €10.5 million in the year to the end of December 2004, the cable firm's first profit since it was acquired by the NTL group.
NTL Ireland, which was sold earlier this year by its US-based parent, benefited from a drop in operating expenditure in 2004 as a result of a cost-cutting programme.
The State's biggest cable television company cut its operating expenses to €93.2 million in 2004 from €104.2 million a year earlier.
This enabled NTL Ireland to report a profit of €10.5 million in 2004, compared to a loss of €2.9 million just a year earlier. It also reduced its capital expenditure during 2004, despite unveiling a plan to upgrade its cable network to enable it to supply broadband to consumers.
NTL Ireland supplies more than 350,000 households with cable television and broadband in Dublin, Galway and Waterford. Its cable television network runs directly into people's homes, supplying a range of digital and analogue services.
Turnover at NTL Ireland rose slightly to €106.5 million in 2004, up from €105.3 million in 2003.
NTL Ireland's strong results were delivered after cost-cutting saw a fall in staff numbers and tighter management of contracts. Staff numbers fell to 485 from 496 a year earlier. Overall, NTL Ireland cut its wage bill to €22.8 million in 2004 from €24 million in 2003.
Despite plans to provide broadband in 2004, capital expenditure fell to €14.5 million, down from €16.4 million in 2003.
The 2004 results, which were filed with the Companies' Office this week, show that NTL Group finally turned a profit from its Irish operation after five years.
NTL Group bought Cablelink in 1999 for €680 million, during the dotcom boom, but after unveiling an ambitious programme to overhaul its ageing cable network in 2000, the firm ran out of cash and declared bankruptcy.
NTL Group restructured its operations and emerged from bankruptcy in 2003. However, late last year, it decided to sell its Irish arm. A deal to sell NTL Ireland to pan-European cable operator UGC was signed in May 2005 and is being investigated by the Competition Authority.
