Cable & Wireless says earnings more than doubled

Cable & Wireless disclosed that annual profits more than doubled as it picked up new international business and cut costs in its domestic operations, an Associated Press report said.

The telecommunications company added that its plans to turn around its previously ailing British unit were ahead of schedule, the report also said.

The Associated Press report, quoting C&W, said that the firm's net income for the year to March 31 was 174 million pounds ($345.5 million), up from 76 million pounds in the previous year.

Revenue rose 3.7% to 3.35 billion pounds ($6.7 billion).

The company last year split its business into two distinct units, one for its struggling British activities and one for its more profitable international business, following its decision to pull back from an overambitious 9 billion pound ($16.43 billion) plan to become a global telecommunications carrier for large businesses, the report said.

Cable & Wireless International operates in 33 countries and is the leader in 27 of those markets, providing fixed-line and mobile telephony to consumer and business customers, it added.