11th Feb 2014 12:40
LONDON (Alliance News) - Cable and Wireless Communications PLC Tuesday reiterated its confidence for the outturn of the full-year ending March 31, as it continued to trade in line with forecasts in its third quarter ended December 31 2013.
The communications company said it had seen mobile revenue rise 4% in the quarter, boosted by strong subscriber growth in Jamaica.
In its Caribbean operations mobile revenue grew as Cable & Wireless continued to invest in high-speed data networks. The company said it had launched 4G services in Cayman and the Bahamas, and introduced faster mobile data networks in Antigua. It also made progress on its fibre roll-out in Barbados and Cayman.
In Panama, Cable & Wireless saw mobile data revenue rise in the third quarter. Cable & Wireless also saw a strong performance from its Monaco operations, it said, as it it saw good growth in mobile revenue and beneficial currency rates.
Cable & Wireless saw new debt of USD504 million as at December 31, an increase of USD144 million since September 30, due to a part payment for a licence extension and additional spectrum access in Panama, as well as the unwinding of its Monaco Telecom disposal agreement with Batelco Group
Cable & Wireless said that its cost reduction plan, originally announced in May, is proceeding as anticipated. It saw lower operating costs in the Caribbean during the third quarter as it outsourced its field services teams, which it said will benefit its run rate into the financial year 2014/15.
The company expects to announce results for the full-year ending March 31 on May 21.
Cable & Wireless said Monday that it was looking for a new Chief Financial Officer as Tim Pennington stepped down to take up the same role at another company. Pennington's new job has not yet been announced. Cable & Wireless said that its new Chief Financial Officer will be based in its new operating hub in Miami, Florida.
Shares in Cable & Wireless were trading up 0.8% at 54.05 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CWC.L