Liberty Latin America (LLA) has published its financial results for the three months ending 31 March 2021, reporting a 25% year-on-year increase in revenue, driven in part by acquisitions it completed in October 2020.
In the first quarter of 2021, LLA’s total turnover stood at USD1.16 billion, up from USD931 million in the corresponding period a year earlier, with the company noting that reported revenue growth had been drive by several factors, including: the addition of USD240 million from Liberty Mobile, which was acquired on 31 October 2020; double-digit growth in its legacy Liberty Puerto Rico operations; and a net positive foreign exchange impact of USD11 million. These factors were, however, partially offset by organic declines across its C&W Panama, VTR and C&W Caribbean & Networks units.
With regards to other key financial indicators, LLA reported an adjusted OIBDA of USD449 million for the three-month period under review, up from USD364 million a year earlier, while operating income stood at USD178 million, up from USD108 million in 1Q20. Further, LLA recorded net earnings of USD88 million in 1Q21, reversing a net loss of USD181 million in the corresponding period of 2020.
In operational terms, LLA reported a consolidated mobile user base of 4.506 million at 31 March 2021, up from 3.620 million a year earlier, while it had 2.798 million fixed broadband subscribers (1Q20: 2.657 million), 1.957 million pay-TV customers (1.985 million) and 1.507 million fixed voice users (1.459 million).
Commenting on the company’s first quarter performance, LLA CEO Balan Nair said: ‘We had a strong start to the year as our focus on volume resulted in record Q1 RGU additions of 76,000, over 25% higher than the prior year, as well as continued recovery in our mobile operations. Overall, our markets are beginning to recover from the worst impacts of the pandemic, however, the operating environment remains challenging given reduced tourism and government imposed lockdowns and restrictions continuing during the quarter.’