The Tribune

CABLE Bahamas CEO and president Franklyn Butler says he is “extremely pleased” as more than 88,000 homes are now connected to fibre internet.

The company has announced a five percent growth in its revenue for the year to date, up three percent over last year’s fourth quarter, with total revenue of $61m for Q4 and $242m for the year to date, with increased demand for mobile services across.

The expansion of its fibre-optic network now sees more than 88,000 homes now with ALIVFibr and 10,000 users connected to the high-speed service.

Operating expenses, as a percentage of revenue, were reduced from 63 percent last year to 60 percent this year.

However, CBL reported a net loss attributable to shareholders of $9.8m for the year to date, compared to a profit of $4.9m last year, due to depreciation from fibre assets and strategic shareholder arrangements. Cash flow from operating activities remained robust at $80.8m.

The fibre project sees an investment of $85m, of which $40m has been spent this year, for a total of $75.4m since launch.

Dividends totaled $2.6m, or six cents per share. The company is announcing the launch of a $90m preference shares offering. 

Mr Butler II said: “We are extremely pleased with our performance in the fourth quarter and throughout FY 2024, which demonstrates our commitment to innovation, operational excellence, and meeting the evolving needs of our customers.”