Cable & Wireless Jamaica reports 17% rise in revenues

8 Jun 2015

Cable & Wireless Jamaica, which trades under the LIME brand, has reported revenues of JMD21.59 billion (USD184 million) for its fiscal year to 31 March 2015, up 17% year-over-year, boosted by growth in its mobile and broadband operations. EBITDA rose from JMD2.8 billion in the previous financial year to JMD4.2 billion in 2014/15, but massive one-off costs of almost JMD7 billion meant that the operator recorded a net loss of JMD9.18 billion. The costs included a JMD3.7 billion write-down of assets under its ongoing upgrade programme and duplicated assets identified as part of the recently completed merger with cable operator Flow, plus JMD3.3 billion of charges relating to restructuring and legal fees, the Jamaica Gleaner reports.

LIME Jamaica saw a 15% increase in mobile subscribers in the year to end-March 2015, as its user base increased to an estimated 800,000, though it is still well behind sole competitor Digicel, which has around 2.2 million users. The merger with Flow formed part of a wider regional tie-up between LIME’s parent company, Cable & Wireless Communications (CWC), and Flow’s owner, Columbus Communications.

Jamaica, LIME Jamaica