Bermuda?s Cellular One posted a profit of $2.04 million in the third quarter, according to the results of its minority shareholder.

US Virgin Island?s-based Atlantic Tele-Network, Inc posted a 22 percent increase in third quarter earnings of $4.4 million or 89 cents per share compared to earnings of $3.6 million or 72 cents per share for the quarter ended September 30, 2004.

ATN, which owns 44 percent of Bermuda Digital Communications Ltd., which, under the Cellular One name, is the largest provider of cellular voice and data services in Bermuda, said its equity in the earnings of Bermuda Digital Communications was $898,000 for the three months ended September 30, 2005, an eight percent increase over the three months ended September 30, 2004.

That translates into a 2.04 million profit for BDC for the three months to September 30, 2005.

The increase in earnings primarily reflects higher airtime revenues on a 21 percent increase in subscribers from 18,600 at September 30, 2004 to 22,500 at September 30, 2005, offset in part by an increase in operating expense as the organisation has expanded, ATN said.

The increased subscriber levels include a number of new data customers using BDC?s new EV-DO network to obtain high-speed mobile data services. The third quarter of 2005 also saw increased roaming and long distance revenue over 2004, as visitors from North America increasingly have handsets that are able to roam on BDC?s network.

?We were pleased to see continued subscriber growth across all of our businesses, since maintaining and growing market share is important to sustaining cash flows,? Cornelius B. Prior, Jr., chairman of the board and chief executive officer of Atlantic Tele-Network, Inc., said. ?BDC?s management team has also continued to defy normal expectations ? adding subscribers and growing revenue and profits in a three-player, well-penetrated market.?