OneComm books BMD15.1m net profit in FY18

27 Mar 2019

Bermuda-based One Communications (OneComm, formerly KeyTech Holding), the telecoms holding company of US firm ATN International (ATNI), has reported net income of BMD15.1 million (USD15.1 million), an increase of BMD100,000 over its FY 2017 results. In a filing to the Bermuda Stock Exchange (BSX), the company reported that consolidated revenue for full year 2018 stood at BMD128.9 million, up from BMD127.0 million the previous year, of which BMD105.4 million was derived from operations in Bermuda, with the remaining BMD28.4 million attributed to its operations in the Cayman Islands. Operating costs meanwhile edged up to BMD112.4 million from BMD111.3 million.

Capital expenditure in FY 2018 stood at BMD28.3 million (FY17: BMD30.6 million), as the management forged ahead with a series of initiatives such as OneComm’s FibreWire internet and transformative FibreWire TV project in Bermuda. ‘On the wireless side, our high speed 4G LTE network covers over 99% of the country. We have been able to maintain network integrity and performance even as data usage continues to dramatically increase,’ it reported and noted that it can now offer a single billing option. Meanwhile, in the Cayman Islands, OneComm noted: ‘We continue to benefit from growth in the national economy. To further leverage our investments, we continue to expand our fibre footprint on the island, offering customers advanced internet, IPTV, and corporate data products … In 2018, our incremental investment of BMD6 million in the fibre network increased homes passed from 60% to 67% during the year, and the operating results demonstrated corresponding growth in both subscribers and revenue.’

Bermuda, Cayman Islands , Logic Communications, OneCommunications (OneComm)

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