UK-based Cable & Wireless Communications (CWC) has published its financial results for the three months ended 31 December 2013, with the company saying that it remains ‘confident for the outturn of FY 2013/14 based on the actions [it has] taken during the year’.
In the three month period under review, CWC noted that group-wide mobile revenues had risen by 4%, driven by strong data growth, while it said that Caribbean mobile turnover in particular on the back of continued investment in high speed data networks. Indeed, during the quarter CWC pointed to the launch of LTE-based services in both the Cayman Islands and the Bahamas, as well as the introduction of faster mobile data networks in Antigua as examples of such investment. Panama too was also said to recorded higher mobile data revenues.
Meanwhile, the major cost reduction plan announced by the company back in May 2013 is said to be proceeding as anticipated. Operating costs in the Caribbean were significantly lower in Q3 2013/14 compared to the corresponding period in the previous year, as CWC outsourced field services teams in a number of businesses which, it said, will benefit its run rate into FY 2014/15.
Mobile subscriber number in both Panama and Monaco were up year-on-year at the end of 2013, standing at 2.085 million (1.744 million at end-2012) and 35,000 (34,000), respectively. However, CWC reported that its total Caribbean mobile user base had declined to 1.498 million, from 1.623 million a year earlier. Such a drop was, however, attributed to the company’s decision to restate customer numbers to exclude those which had credit balances but no activity in the proceeding 60 days.