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One posts $15.1m in full-year net income

Bermudian-based holding company One Communications Ltd has reported net income for 2018 of $15.1 million, an increase of $100,000 over its 2017 results.

In an earnings statement released today by the Bermuda Stock Exchange, the diversified telecommunications outfit reported that consolidated revenue for 2018 was $128.9 million, up from $127 million in 2017.

That figure includes $105.4 million in Bermuda revenues and $28.4 million attributed to the company's operations in the Cayman Islands.

Total operating expenses for 2018 were $112.4 million, compared to $111.3 million the year before, the company said.

The company's total assets increased during 2018 to $205.6 million, up from $198.3 million a year earlier, including $14.9 million in cash holdings.

Shareholders' equity climbed to $150.2 million from $136.4 million a year earlier. During the year, the company repurchased 712,599 shares under an approved share buyback programme at an average price of $2.99 per share.

The company said it declared and paid $1.7 million in dividends in 2018. No dividends were paid in 2017.

Earnings per share for continuing operations for 2018 were 36 cents per share, the same figure as in 2017.

One said it made $28.3 million in capital investments during 2018.

During 2018, the company said, it made $3.75 million in principal repayments in relation to a long-term debt agreement.

On May 22, 2017, the agreement was amended to increase the facility to $37.5 million and increase the limit of its overdraft from $5 million to $10 million.

This facility, the company said, is scheduled to mature on May 22, 2022.

The company had no overdraft at the close of 2018, it said.

Of its Bermuda operations, the company said: “Management and the board of directors have spent the past year working hard on delivering our FibreWire internet and transformative FibreWire TV products, which have already and will continue to improve customer satisfaction.

“We continue to realise synergies from the consolidation of prior acquisitions, with an improvement in margin over prior year reflected in current year results.

“On the wireless side, our high speed 4G LTE network covers over 99 per cent of the country. We have been able to maintain network integrity and performance even as data usage continues to dramatically increase.

“We have now launched our single bill initiative, providing customers the optional convenience of receiving a single bill for all of their services. We have also implemented a new scheduling system for home service calls that will improve customer experience and drive added efficiency.”

Speaking of its Cayman operations, the company said: “We continue to benefit from growth in the national economy. To further leverage our investments, we continue to expand our fibre footprint on the island, offering customers advanced internet, IPTV, and corporate data products.

“In 2018, our incremental investment of $6 million in the fibre network increased homes passed from 60 per cent to 67 per cent during the year, and the operating results demonstrated corresponding growth in both subscribers and revenue.”

One Communications: generated net income of more than $15 million for 2018

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Published March 26, 2019 at 9:00 am (Updated March 26, 2019 at 9:11 am)

One posts $15.1m in full-year net income

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