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Cable & Wireless net profit rises 3% in fiscal 2009

Bnamericas Published: Friday, May 22, 2009
UK-owned telco Cable & Wireless (C&W), which has interests in the Caribbean and Central America, saw full-year net profit rise 2.72% to 226mn pounds (US$359mn) in its fiscal 2009, ended March 31, from 220mn pounds in the previous year, the company said in a statement. Revenue rose 16% to 3.65bn pounds. Cable & Wireless International (C&WI), which represents four units - the Caribbean, Panama, Monaco and Macau - saw revenues rise 1% in constant currency terms to US$2.5bn, while Ebitda was up 13% in constant currency terms to US$921mn, which was "not bad" given the economic environment, CWI's CEO Tony Rice told an investors' conference call. The company said C&WI's Ebitda guidance for fiscal 2010 was US$935mn, and capex would be US$325mn. Revenue from the Caribbean operations, where the company operates under the brand LIME, was US$975mn, down 3% in constant currency terms, while Ebitda was up 16% to US$337mn. Operating cash flow in the Caribbean rose 56% to US$187mn. PANAMA C&W Panama has long been one of C&W's best-performing markets, and fiscal 2009 was no different. Despite growing competition from new competitors Digicel and Claro, C&W Panama's revenues were up 8% to US$667mn and Ebitda rose 9% to US$276mn, while mobile market share rose slightly. But C&W Panama is not a "one trick pony," Rice said, adding that the company was seeing increasing revenues from enterprise clients for data services. Enterprise, data and other revenue increased by 30% to US$125mn, as C&W Panama "rolled out large government contracts including those for video surveillance, e-learning and the 911 emergency services center," according to the statement.

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