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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : Cable and Wireless # ...010 ( RJR )...</span>
Despite improvements in some areas of its operations Cable and Wireless Jamaica racked up a $1.3 billion loss during the October to December quarter. This was a massive decline from the $351 million loss which it suffered during the corresponding period in the previous year.Revenue for the quarter increased by 10% to $6.2 billion compared to $5.7 billion in 2009.However, operating expenses rose by $500 million to $3 billion primarily due to increased brand promotional activity and higher employee costs as a result of wage agreements.Managing Director of Cable and Wireless, Garfield Sinclair, says while some key performance indicators are headed in the right direction, the company still has some way to go to return to profitability.Mr. Sinclair says the landline business will receive a much needed facelift in the coming quarter and has already begun to show renewed signs of strength.However, the CWJ boss says broadband penetration continues to be far too low given its positive effect on GDP growth and the company will continue to work with the government to expand service in Jamaica.In the meantime, Cable and Wireless is still in negotiations regarding the possible sale of some areas of its operations.However, it is still tight-lipped on who it is in talks with.In notes attached to its financial statements, Cable and Wireless says exploratory talks continue with a global service provider to examine the feasibility of the sale or disposition of its field service operations.It says the talks are geared at examining opportunities to achieve cost savings and improved customer service.
<span style="font-weight: bold"> Confirmed : Cable and Wireless # ...010 ( RJR )...</span>
Despite improvements in some areas of its operations Cable and Wireless Jamaica racked up a $1.3 billion loss during the October to December quarter. This was a massive decline from the $351 million loss which it suffered during the corresponding period in the previous year.Revenue for the quarter increased by 10% to $6.2 billion compared to $5.7 billion in 2009.However, operating expenses rose by $500 million to $3 billion primarily due to increased brand promotional activity and higher employee costs as a result of wage agreements.Managing Director of Cable and Wireless, Garfield Sinclair, says while some key performance indicators are headed in the right direction, the company still has some way to go to return to profitability.Mr. Sinclair says the landline business will receive a much needed facelift in the coming quarter and has already begun to show renewed signs of strength.However, the CWJ boss says broadband penetration continues to be far too low given its positive effect on GDP growth and the company will continue to work with the government to expand service in Jamaica.In the meantime, Cable and Wireless is still in negotiations regarding the possible sale of some areas of its operations.However, it is still tight-lipped on who it is in talks with.In notes attached to its financial statements, Cable and Wireless says exploratory talks continue with a global service provider to examine the feasibility of the sale or disposition of its field service operations.It says the talks are geared at examining opportunities to achieve cost savings and improved customer service.