Atlantic Tele-Network says Q3 revenues up 16%

7 Nov 2008

Atlantic Tele-Network boosted its revenue by 16% or USD7.8 million to USD55.9 million during the third quarter of 2008, The Royal Gazette reports, while its Bermudan mobile unit CellularOne added more high-value users to help boost its own turnover. Atlantic Tele-Network said group operating income climbed 17% year-on-year from USD17.4 million to USD20.4 million and net income rose 7% from USD9.4 million to USD10.1 million. In a statement the group said its earnings per share in the quarter were adversely affected by the acquisition of two businesses, one of which, Turks & Caicos-based cellco IslandCom Telecommunications, it took control of through Bermuda Digital Communications (CellularOne’s parent) in September.

The chief executive of Atlantic Tele-Network, Michael Prior, said that wireless operations currently account for ‘well over half’ of revenues, driven by changes at its Bermudan business earlier this year. ‘The consolidation of our Bermuda operations, following our ownership increase earlier this year, was also a large component of the year-on-year increase in wireless revenue … In Bermuda, subscriber levels were flat overall, although losses in the smaller pre-paid segment were offset in large part by gains in ARPU from higher-value users with data contracts,’ he said.

Bermuda, One Communications