London (AFP) - British pay-TV giant BSkyB said on Thursday that net profits sank in the first quarter of its financial year, hit by rising investment costs and a challenging trading environment.
Profits after taxation fell almost 12 percent to £193 million in the three months to September 30, compared with £219 million in the same part of last year, BSkyB said in a results statement.
Earnings were hit by heavy investment in new services and a more expensive broadcasting deal to screen English Premier League football matches.
Revenues however grew seven percent to £1.843 billion in the reporting period, aided by swelling subscriber numbers.
BSkyB, which is 39-percent owned by Rupert Murdoch's News Corp, added that pre-tax profits dipped 15 percent to £245 million.
"While the consumer environment remains challenging, we are well placed as we execute a strong set of plans for the rest of the year," said Chief Executive Jeremy Darroch in the statement.
The group's products include English Premier League football and blockbuster movies, as well as Internet and telephone services.
BSkyB is meanwhile facing greater competition in the pay-TV sector.
British telecoms firm BT launched its own live television sport channels earlier this year in a direct challenge to Sky's dominance of pay-TV sport.
BT began televising some live English Premier League football matches in August.
Source: http://news.yahoo.com/bskyb-q1-profits-drop-12-investment-football-costs-084746977.html
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