OneComm reports 1H19 profits up to USD7.7m

2 Aug 2019

OneCommunications (OneComm), the holding company of US firm ATN International (ATNI) which took a 51% interest in the then KeyTech Holding Limited in 2016, has reported net income of BMD7.7 million (USD7.7 million) for January-June 2019, up from BMD7.2 million year-on-year, on consolidated revenues of BMD64.3 million and operating income of BMD8.6 million. The holding company, which has a number of telecoms assets in Bermuda and the Cayman Islands, said 1H19 capital expenditure stood at BMD8.1 million, down from BMD14.4 million a year earlier.

Commenting on the results, OneComm chief executive officer Frank Amaral, said: ‘Much of our focus in Bermuda for the first six months of 2019 has been on launching our state of the art FibreWire TV platform and improving the customer experience around that service … As we finish up several network and service improvement projects that required significant capital, we are focused on growing free cashflow and bringing additional value to our customers and shareholders … We were delighted to provide our FibreWire internet customers with another speed boost during the period. We now offer our customers speeds of up to 300Mbps, solidifying our world-class internet offering by putting our customers on par with global internet speed averages.’ The CEO went on to point out that OneComm can now offer businesses a full range of cloud, managed service and IT products, while its Cayman Islands’ unit Logic Communications has been able to expand its fibre footprint to more than 70% of homes passed in Grand Cayman.

Bermuda, Cayman Islands, Logic Communications, One Communications