C&W dials up the profits during 3rd quarter

| 19/02/2015 | 0 Comments

(CNS Business): Cable & Wireless Communications (CWC) announced group revenue was up 5% at $444 million when it released the results of its third quarter performance and financial position. The communication giant and parent company of LIME said mobile revenue was up 4%, driven by strong subscriber growth across Panama and LIME markets. The firm said the Columbus acquisition was on track to close before fiscal year end.

Phil Bentley, Chief Executive of CWC, said the firm had built on momentum during the third quarter via its investment-led ‘Project Marlin’.

“We are continuing to deliver top line growth,” he said in a release. “Investments in our mobile networks have improved coverage and reliability and we saw mobile data grow a further 23% with traffic carried on our networks increasing by over 35%.

“Fibre investments have focussed on our Caribbean markets and are key to generating growth in the Broadband & TV segments. We are pleased with the Sonitel acquisition where recent successful bids would indicate momentum in Managed Services. We continue to work with Governments and Regulators to gain the required approvals for completion of the Columbus acquisition and are on track to close before our fiscal year end,”  he added.

According to the information, LIME growth was driven by continued subscriber additions in Jamaica, which was up over 18% and the LTE service here in Cayman drove revenue growth of 3%. However, the firm said broadband and TV revenue was flat against the prior year.

CWC Q3 2014/15 Trading Update

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Category: ICT, Technology

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