One’s half-year profit climbs to $7.7m

  • Frank Amaral, CEO of One Communications

    Frank Amaral, CEO of One Communications


One Communications Ltd has reported net income of $7.7 million for the first six months of 2019, an increase of $500,000 year-on-year.

The telecommunications holding company, with operations in Bermuda and the Cayman Islands, had shareholders’ equity of $154.2 million on June 30, compared with $145.1 million at midyear 2018.

Cashflow generated from operating activities was $15.6 million compared with $17 million in 2018.

The company had capital expenditures of $8.1 million during the period compared with $14.4 million for the same period a year ago.

One reported $5 million in short-term investment at June 30, whereas it had no such investment a year ago.

Consolidated revenues for the period were $64.3 million and operating expenses were $55.7 million. Operating income was $8.6 million.

The company repaid $1.9 million in principal on its loan and had $11.9 million in cash at June 30 compared with $17.6 million in 2018.

Long-term debt was $25.1 million at the end of the period. The company has declared a dividend of eight cents per share for shareholders of record on April 30.

Frank Amaral, chief executive officer of One, 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 300 Mbps, solidifying our world-class internet offering by putting our customers on par with global internet speed averages.”

He added: “In the business solutions area, we are now able to offer a full range of cloud, managed service and IT products that will complement our existing connectivity services. Targeted at both the enterprise and small business segments we intend to provide for the first time a broad solutions-based portfolio under a single provider.

“With respect to the company’s operations in the Cayman Islands, growth in the national economy continues to benefit us as we invest and expand our fibre footprint on the island with more than 70 per cent of homes passed in Grand Cayman.

“Our products and brand continue to be well received with market leading customer satisfaction scores, and continued subscriber count growth and penetration rates.”

You must be registered or signed-in to post comment or to vote.

Published Jul 30, 2019 at 11:26 am (Updated Jul 30, 2019 at 11:26 am)

One’s half-year profit climbs to $7.7m

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "What is the most significant reason for Bermuda residents choosing to leave the island?"
    • Too small
    • 3%
    • Different way of life
    • 4%
    • Cost of living
    • 77%
    • Gang activity and general crime
    • 3%
    • Jobs/professional advancement
    • 8%
    • Education
    • 2%
    • Attitudes towards gays
    • 3%
    • Total Votes: 5235
    • Poll Archive

    Today's Obituaries

    eMoo Posts