NTL losses cut by new subscribers

A sharp rise in subscriber numbers - up 61,500 - has helped leading UK cable company NTL reduce its net losses.

The TV and telephone line provider's net loss narrowed more than 60% to £65.4m during the first quarter of 2004.

A 37% reduction in interest costs following last month's debt restructuring also contributed to the stronger financial performance.

A 7% rise in turnover to £585m helped lift NTL's operating profits into the black for the first time.

NTL reported £2.2m operating profits for the quarter, up from an operating loss of £54.1m during the same period last year.

It is a dramatic turn-around from last year when NTL was under bankruptcy protection following a default on the massive loans it had amassed during the 1990s telecom and internet boom.