Revenue growth pushes down C&W loss

Cable & Wireless HQ

Cable & Wireless HQ

Subscribers and revenues are up in double-digits at Cable & Wireless Jamaica which contributed to reduced operating loss of $346 million, or 58 percent better than the outcome in the similar quarter in 2014 before exceptional expenses of $139 million.
The company posted losses of $485 million after exceptional expenses in the September quarter, or 11 percent less than the $548 million loss for the six months in 2014.
EBITDA earnings grew to $1.2 billion compared to $971 million a year ago and for the half year $2.58 billion versus $1.78 billion, an increase of 45 percent.
“Each line of business showed improved results leading to growth in total revenues and EBITDA. Our mobile business was again the leading performer with our pre-paid subscriber base growing by 23 percent and our post-paid subscriber base growing by 6 percent when compared to the prior year first half,” stated Garfield Sinclair who heads C&WJ, in the financial report.
During the quarter, revenues grew 9 percent to $5.63 billion. This growth was filliped by mobile subscriber base and revenues up 22 percent and 16 percent respectively; and broadband subscribers and revenue up 8 percent and 11 percent respectively. Revenues for the half year grew 10 percent to $11 billion as revenues for the September quarter exceeded that of the June quarter by $179 million or 3.3 percent.
Interest cost declined in the quarter to $934 million from $1 billion last year and should fall in the coming quarters as the interest rates reset downwards in November, to 7.2 percent from 7.787 percent with the fall in local Treasury bill rates. For the half-year interest cost amounts $2 billion. Staff costs are down by $300 million in the six months period from that of 2014 to be at $1.246 billion but out payments and direct cost rose $226 million with the September quarter by $149 million over the June quarter.
The company generated operating cash flow of $520 million compared with negative cash flows of $133 million in six months to September 2014.
The financials does not show any indication of a merger between the local operations of Flow and C&W but the latter wrote large amounts of assets and made staff redundant but no mention is made in the report as to how the two entities will be operating going forward. There are questions to be answered here.
The company’s shares are listed on the Jamaica Stock Exchange last traded at $1.45.

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  1. […] pushed Cable and Wireless by 29 cents to rise by 20.7 percent to close at $1.69 with 4,351,809 units trading in response to […]

  2. […] Jamaica Stock Exchange got off to a positive start helped by a 20 cents jump in the price of Cable & Wireless to $1.60 with 3.7 million units changing hands after reporting a small profit in the December […]

  3. […] end of the market activities, Berger Paints lost 5 cents to end at $3.70 as 106,008 units traded, Cable and Wireless ended with 1,116,925 units changing hands to close 1 cent lower at $1.59, Caribbean Cement climbed […]

  4. […] Cable & Wireless traded over 51 million shares on Thursday on the Jamaica Stock Exchange as Sagicor Investments crossed more than 48 million on behalf of clients. The market continues to enjoy wide securities participation with 40 changing hands on Thursday in all market segments. At the close, 13 securities in the combined markets gained and 18 declined with the market indices climbing sharply. Five stocks closed at 52 weeks’ highs and two traded at intraday high as 54,222,475 units valued at $114,953,664 changed hands in all markets. The junior market accounted for 1,498,422 units changed hands, valued at $9,013,294. The JSE Market Index eked out an increase of 1,207.54 points to 157,025.07, the all Jamaica Composite Index closed with an increase of 1,349.49 points to end at 174,440.67 and the JSE combined index rose 1,080.44 points to close at 168,293.36. IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reached an elevated level indicating several rising prices ahead with reading of 15 stocks with bids higher than their last selling prices and 5 with lower offers. In trading, Barita Investments traded 20,000 shares and gained 72 cents to close at $6, for a 52 weeks’ high, at the close that stock had 10,000 offered to sell at $5, Berger Paints closed at $3.60 as 11,893 units traded, Cable and Wireless ended with 51,362,980 units changing hands to close with the loss of 1 cent at $1.49. Caribbean Cement fell 50 cents to close at $24.50, with 53,086 shares changing hands, Carreras lost $1 in trading 50,666 shares at $60, Desnoes & Geddes traded 24,527 units at a loss of 2 cents at $28.51, Grace Kennedy lost $1.52 and closed at $81.50, with 83,802 units changing hands. Jamaica Broilers closed at $13.50 with 107,799 shares changing hands to record a gain of 99 cents. Jamaica Producers lost $2.13 with 37,716 shares trading, to close at $31, Jamaica Stock Exchange lost 14 cents to close at $19.66 while trading 4,899 shares, JMMB Group traded 25,606 units to end with a loss of 79 cents at $11.01, Kingston Wharves lost 5 cents, in trading 23,750 units to close at $11. Margaritaville Turks traded 41,800 shares at 11 US cents. National Commercial Bank ended with a gain of 30 cents at $41.20, with 14,298 units changing hands, Pan Jamaican Investments closed at $96 with 10,779 shares trading. Pulse Investments traded 30,100 shares but fell 20 cents to $2.50, Sagicor Group rose by 40 cents to close at $22 with 32,585 units changing hands, Scotia Group lost 7 cents with 228,567 shares changing hands to close at $30.41. Sterling Investments closed with 157,800 shares changing hands at $13 and Supreme Ventures rose 35 cents to end at a 52 weeks’ high of $5.50 with 400,000 units changing hands. […]

  5. […] volumes were generally low, but there have been some interest in a number of stocks including Cable & Wireless with 186,335 shares trading at $1.35, Gleaner trading 262,000 units at $2.50, Jamaica Stock […]

  6. […] offers. In trading, Berger Paints ended with 85,100 shares trading at $3.15 for a loss of 5 cents, Cable and Wireless rose 8 cents with 212,690 units changing hands to close at $1.38, Caribbean Cement climbed 54 cents […]

  7. […] of 15 stocks with bids higher than their last selling prices and 4 with lower offers. In trading, Cable and Wireless fell 4 cents with 91,865 units changing hands to close at $1.30 after trading as high as $1.45, […]

  8. […] of 9 stocks with bids higher than their last selling prices and 4 with lower offers. In trading, Cable and Wireless gained 1 cents with 77,265 units changing hands to close at $1.31, Caribbean Cement fell 33 cents to […]

  9. […] prices and 5 with lower offers. In trading, Berger Paints ended with 19,344 units trading at $3.15, Cable and Wireless lost 10 cents with 266,406 units changing hands to close at $1.30, at the close, there were over […]

  10. […] In trading, Berger Paints ended with 45,252 units trading with a decline of 15 cents to $3.15, Cable and Wireless rose 9 cents with only 198,570 units changing hands to close at $1.40, at the close, there were over […]

  11. […] of 15 stocks with bids higher than their last selling prices and 3 with lower offers. In trading, Cable and Wireless rose 1 cent with only 110,997 units changing hands to close at $1.31, Caribbean Cement closed […]

  12. […] of 15 stocks with bids higher than their last selling prices and 4 with lower offers. In trading, Cable and Wireless lost 10 cents and closed with 1,884,409 units changing hands at $1.28 after trading as high as […]

  13. […] of 9 stocks with bids higher than their last selling prices and 5 with lower offers. In trading, Cable and Wireless lost 2 cents and closed with 1,579,942 units changing hands at $1.38 after trading as high as $1.49, […]

  14. […] offer. In trading, Berger Paints ended with 43,063 units trading at $3.45 after gaining 30 cents, Cable and Wireless closed with 2,427,885 units changing hands down to $1.35 for a loss of 14 cents, Caribbean Cement […]

  15. […] offers. In trading, Berger Paints ended with 135,245 units trading at $3.15 after falling 45 cents, Cable and Wireless closed with 445,330 units changing hands down to $1.49 for a loss of 3 cents, Caribbean Cement […]

  16. […] market index rose 2.47 points to 1,592.19. Interesting trades, with 75 minutes having elapsed, are Cable & Wireless with 508,750 units and last traded at $1.50 for a 2 cents fall from Wednesday’s last traded price, […]

  17. […] of 8 stocks with bids higher than their last selling prices and 7 with lower offers. In trading, Cable and Wireless closed with 1,389,853 units changing hands at $1.52 after the price gained 9 cents, Caribbean Cement […]

  18. […] at 147,591.34 and the junior market index rose 8.21 points to 1,600.13. The main trades have been Cable & Wireless traded 732,740 units and last traded at $1.45, Lasco Manufacturing with 526,824 shares at $3.51, […]

  19. […] of 8 stocks with bids higher than their last selling prices and 7 with lower offers. In trading, Cable and Wireless closed with 1,296,078 units changing hands at $1.42 and gained of 2 cents, Caribbean Cement climbed […]

  20. […] to be at 146,915.55 and the junior market index slipped 9.09 points to 1,644.57. In trading, Cable & Wireless traded 889,015 units between $1.50 and $1.64, but last traded at $1.60, National Commercial Bank […]

  21. […] In trading, Barita Investments closed with a loss of 50 cents with 30,000 shares trading to at $4, Cable and Wireless closed with 3,901,081 shares changing hands and declined 11 cents to close at $1.55, after trading […]

  22. […] to be at 148,649.84.12 and the junior market index slipped 32.13 points to 1,644.55. In trading, Cable & Wireless came under selling pressure and traded as low as $1.55 with 2,326,790 units changing hands and up to […]

  23. […] of 12 stocks with bids higher than their last selling prices and 8 with lower offers. In trading, Cable and Wireless closed with 3,256,680 shares changing hands and declined 14 cents to close at $1.66, after trading […]

  24. […] 11 stocks with bids higher than their last selling prices and one with a lower offer. In trading, Cable and Wireless closed with 2,128,091 shares changing hands, after rising 40 cents to close at a 52 weeks’ high of […]

  25. […] Trading in main market stocks resulted in two securities having over 100,000 units trading, as Cable & Wireless had 482,450 units changing hands at $1.48 and Desnoes & Geddes with 201,196 units at $30 but […]

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