Cable & Wireless reports profit

CW flow hqCable & Wireless reports profit for the year ending March of $1. 2 billion, up from a loss of $8.9 billion in 2015. The company got help from net exceptional credit of $1.2 billion, even without this credit, the company made a small profit after finance cost but before taxation.
Importantly, C&W made an operating profit in the second half of the year of as Mobile revenues climbed by 22 percent.
The exceptional income stems from a reversal of $3.4 billion of restructuring cost written off in the 2015 fiscal year offset by employment restructuring cost in 2016. The company reports profit of $178 million in the March quarter compared with $486 million in the December quarter.
Revenues for the group rose moderately to $23 billion from $21.9 billion in the 2015 period while operating expenses fell to $15.8 billion from $17.4 billion but depreciation rose to $2.3 billion from $1.7 billion. Amortisation cost climbed to $1.1 billion from $848 million while finance cost remained fairly steady at $3.9 billion.
The company’s stock trades at $1.48 up 10 cents in the morning session from Monday’s closing price, on the Jamaica Stock Exchange today.

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