One Communications books USD8m profit in H1 2017

20 Sep 2017

One Communications, which was formed via the merger of Bermudan mobile service provider CellOne and fixed line operator Logic Communications, has reported net income of BMD8 million (USD8 million) for the six months ending 30 June 2017. In the filing to the Bermuda Stock Exchange the telecommunications group said that consolidated revenue for the period under review reached BMD63.4 million – of which BMD50.3 million was derived from its Bermuda operations and BMD13.1 million from its business in the Cayman Islands. Operating income stood at BMD7.9 million and earnings before interest, depreciation, amortisation and one-time charges for the period were BMD16.4 million.

Commenting on the results, Frank Amaral, chief executive officer, said: ‘We’re now just beginning to recognise the positive impact of our integration efforts and capital improvement investments in the last year, both in terms of our financial results and improved customer experience,’ adding: ‘We’ve also worked hard to increase value for our customers this past year, making substantial progress with both our FibreWire [broadband network] construction in Bermuda and our fibre deployment in Cayman.’

As previously reported by CommsUpdate, last month One Communications, which was rebranded from CellOne in November 2016, announced that more than 40% of Bermudian households are now passed by its fibre-optic broadband infrastructure, affording them access to higher internet access speeds through FibreWire Internet. The telco started deploying fibre-optic broadband infrastructure in the capital Hamilton in January this year as part of a USD20 million investment programme. At the time, Frank Amaral said: ‘We made a public commitment to making this investment and we are following through on that promise. Our newly laid fibre network, branded FibreWire, is the first of its kind in Bermuda. The infrastructure will vastly improve internet service, providing more bandwidth as well as a significant increase in speeds.’ The company expects to have most of the island covered by the end of October.

Bermuda, One Communications