Tuesday 20 August 2019

Digicel earnings up by 2pc in first half of 2017

Usain Bolt, the fastest man alive, teamed up with Digicel to launch its Bring the Beat campaign in front of an inquisitive bunch of little kids from across the Caribbean at the Terra Nova All Suite Hotel in Kingston, Jamaica
Usain Bolt, the fastest man alive, teamed up with Digicel to launch its Bring the Beat campaign in front of an inquisitive bunch of little kids from across the Caribbean at the Terra Nova All Suite Hotel in Kingston, Jamaica

Digicel Group saw first-half earnings rise 2pc, a person with knowledge of the matter said.

The mobile carrier operates in 31 markets in the Caribbean, Central America and Asia Pacific. Last year it appointed running legend Usain Bolt, pictured, who was born in Jamaica, as its chief speed officer, promoting the group.

Earnings rose 2pc from the year-earlier period during the first six months of the company’s financial year, according to the person, who asked not to be identified as the details were not yet public.

Adjusted earnings before interest, taxes, depreciation and amortisation were about $253m (€214m) in the second quarter, in line with the year-earlier performance, according to the source. Excluding the impact of two hurricanes, EBITDA would have risen about 2pc.

Irish businessman Denis O’Brien founded Digicel in 2001 and turned it into a mobile-phone empire with customers spread from El Salvador to Vanuatu, funding expansion into new markets partly by issuing high-yield debt.

Earlier this year, the company said it would shed as many as 1,500 workers, 18 months after shelving a share sale. Revenue in the second quarter dropped about 3pc from the year-earlier period, as the company cut out lower margin wholesale business, according to the person. (Bloomberg)

Irish Independent

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