Digicel revenue dips to USD572m

5 Mar 2019

Irish-owned Digicel Group booked turnover of USD572 million for the three months to 31 December 2018 – down by 1% year-on-year on a constant-currency basis, but representing a fall of 4% on a reported basis – the Irish Times writes, citing unnamed sources. Turnover from mobile voice and wholesale services reportedly declined during the period, whilst revenue from the group’s mobile data, fixed broadband and business solutions offerings increased. EBITDA for the period, meanwhile, fell by 2% y-o-y to USD241 million, with this attributed to foreign exchange fluctuations in several markets. According to the sources, Digicel told its bondholders that net debt was around 6.8 times its EBITDA at the end of 2018, making it unlikely that the group would achieve its goal of lowering its debt ratio to 5.7 by the end of the financial year on 31 March 2019. The company had planned to achieve that target by increasing its turnover and selling off unwanted assets valued at up to USD500 million. The asset sale is now expected to take place in the 2019/2020 financial year, but a spokesperson for the company said that the group is expecting turnover to increase in its fourth quarter.

Jamaica, Digicel Group