C&W Communications hit by Caribbean slow-down
Cable & Wireless Communications was hit by a Caribbean malaise, which impacted profits, revenues, and ebitda in the year to end-March - the firm's fiscal 2010.
Operating profit of $550 million (€443) was down from $634 million in 2009, as the firm counted the cost of asset depreciation in Jamaica, lower joint venture income from its Maldives business, and falling revenues in Panama.
Adjusted revenue figures – minus the former parent company’s costs – were 4% down on 2009 at $2.3 billion, while EBITDA fell marginally from $877 million to $866 million in 2010.
Chief executive Tony Rice said the Caribbean was the biggest problem, with economic conditions in the region at their most difficult “in a generation,” adding that the “outlook is still uncertain,” in the near term despite the region stabilizing during 2H10.
Rice also said it was too soon to predict if revenues would grow in 2011, but was hopeful of growing dividends during the year, FT.com reports.