C&W first profit in 7 years

C&W HQ 3Cable and Wireless reported a profit $144 million in the December quarter last year, the first time since they reported a profit of $32.6 million for the December quarter of 2008.
The 2015 quarterly profit was realised after accounting for an exceptional charge of $334 million for the quarter and is down sharply from a loss of $1.8 billion in 2014 that included an exceptional charge of $1.5 billion. For the nine months the loss was down to $644 million after an exceptional charge of $504 million compared with a huge $3 billion loss in 2014 after exceptional cost of $1.5 billion.
Revenues climbed in the quarter by 12 percent, to $6.1 billion on continued growth in mobile customers and data usage and for the nine months by 11 percent to $17.2 billion. Growth in revenues was helped by a 15 percent increase of 125,000 in new mobile customers, 22 per cent growth in mobile revenues and a more than doubling in mobile data income.
Operating expenses fell in the December quarter as wages declined by $420 million for the nine months period and fell by $122 million to $600 million in the quarter compared with the 2014 December quarter.
Advances from the parent company is up to $49 billion with interest cost being static at $1 billion but depreciation charge is down while amortization cost rose to $768 million from $489 million in 2014.
The results point to the company entering the 2017 fiscal year being the first full year in which the company should make a profit since 2007. The company’s stock last traded on the Jamaica Stock Exchange at $1.69 on Friday February 12, rising 29 cents in response to the results.

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