Cable & Wireless Communications chief executive officer Phil Bentley. (FP)
CABLE & WIRELESS COMMUNICATIONS (CWC) is reporting an improved financial performance, including in Barbados where the company says revenue has increased by six per cent since the launch of the Upgrade Barbados initiative late last year.
At the same time, the company which trades as LIME in Barbados and the Caribbean has announced that it has raised the funds needed to purchase Columbus International Inc.
News of this came as CWC gave an update on its financial position since September last year, and said its full year results for the period ended March 31 would be publicised on May 20.
“Highlights” for the company included US$444 million group revenue – a five per cent increase; a four per cent increase in mobile revenue, which was “driven by strong subscriber growth across Panama and LIME markets”, and acceleration of Project Marlin driving improved network performance and customer satisfaction.
It also said the Columbus acquisition, which has received approval in Jamaica, but is awaiting the greenlight in Barbados and other markets, was on course to be concluded by the end of March.
“CWC has raised gross proceeds of US$180 million from the placing of new shares and US$690 million from new loans to finance the acquisition, obtained CWC bond-holder consent to facilitate the financing of the acquisition and obtained CWC shareholder approval for the acquisition,” the company said.
CWC chief executive officer Phil Bentley said the company “continued to build momentum through our investment-led Project Marlin and we are continuing to deliver top line growth”. (SC)