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CWC interim results bolstered by Bahamas contribution

Cable & Wireless Communications, parent company of Bahamas Telecommunications Company, has recorded first half revenue of $1.4 trillion, up 24 per cent year-on-year. Chief executive Tony Rice says company has made an "encouraging start in The Bahamas." 

Friday, November 4, 2011
Friday, November 4, 2011

Cable & Wireless Communications Plc (CWC), controlling shareholder of Bahamas Telecommunications Company (BTC) has released its interim 2011/12 results.

Key results include:

  • Revenue up 24 per cent to $1,442 million
  • EBITDA up 4 per cent to $443 million
  • Net profit before exceptional items up 9 per cent to $163 million
  • Strong underlying performances in Macau and Monaco & Islands
  • Encouraging initial contribution from The Bahamas
  • Strong growth in mobile data and enterprise
  • Adjusted EPS 3.8 US cents per share
  • Interim dividend maintained at 2.67 US cents per share, expect full
  • year dividend of 8 US cents per share.

Commenting on the group results, Tony Rice, chief executive of CWC, said: “We had a good first half and are on track for the full year. The underlying performance in both Macau and Monaco & Islands was strong.

“The headline result in Macau was boosted by surging iPhone sales and we saw strong growth in the bottom line. Monaco & Islands had a buoyant first half, despite currency devaluation in the Maldives. Mobile data has shown rapid growth in a number of our markets, a trend that we expect to continue in H2 and future years as the penetration of smart devices continues to increase, having risen to 19 per cent of our subscriber base by the end of September.”

The chief executive went on to say that operations in The Bahamas were progressing ahead of schedule.

“We have made an encouraging start in The Bahamas, since we acquired the Bahamas Telecommunications Company in April. The initial phase of the restructuring plan has been completed ahead of schedule and as a result we booked the majority of our expected restructuring costs in the first half. The business has now begun to adopt a more customer focused approach and in the second half we will be introducing new products and service offerings, including high speed mobile data services, the iPhone and a better value proposition for our customers.”

Download a PDF of the report here.

scotterill@dupuch.com cboal@dupuch.com

Federal Reserve Chairman Ben Bernanke has signaled additional monetary stimulus may be needed to lower US unemployment as policy makers projected little acceleration in growth after last quarter’s pickup, according to Bloomberg news website.

All G20 governments have now agreed to a multilateral convention to tackle tax evasion more effectively, according to the Organisation for Economic Co-operation and Development (OECD) website. The Multilateral Convention on Mutual Administrative Assistance in Tax Matters offers a wide range of tools for cross-border tax co-operation.

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