LONDON (Alliance News) - Cable & Wireless Communications PLC said Tuesday its revenue rose 5% in its third quarter, and said it is continuing to work with governments and regulators to get the required approvals to complete its acquisition of Columbus International Inc before the end of its financial year.
For the three months to end-September 2014 the company posted revenue of USD444 million. It did not provide comparative figures. It said that, at constant currency and excluding its acquisition of Grupo Sonitel SA last August, revenue was up 2%.
Within this mobile revenue was up 4%, driven by growth in its LIME business as it added subscribers in Jamaica, and promotions helped boost subscribers in Panama. Mobile revenue makes up 53% of its group revenue. The company said it is anticipating a new mobile entrant in the Bahamas later this year, and it expects its mobile revenue to be hit as a result.
Broadband and television revenue was flat, as subscriber growth in Panama was offset by lower average revenue per user in LIME and its Bahamas Telecommunications Company business. It trialled on-line television services in later December in the Bahamas, and expects to fully launch its TV product in this market in March.
Fixed voice revenue was flat against the previous year as lower subscriber numbers was offset by higher average revenue per user, and its managed services revenue was boosted by Sonitel.
The company said that network improvements through its 'Project Marlin' investment programme are accelerating. It made USD129 million in investments in the Third Quarter, of which 70% went towards enhancing its network reach and speed, and improving its network resiliency and optimising its traffic management.
Shares in Cable and Wireless are trading up 1.6% at 55.45 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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