LONDON, United Kingdom, Thursday May 26, 2011 – Telecommunications giant Cable & Wireless (C&W) is reporting that tough economic conditions in the Caribbean have resulted in further downturn in its business in the region, with the Jamaica market of particular concern.
In its annual results released yesterday, Cable & Wireless Communications Plc (CWC) said that while the group’s profits rose overall by 21 percent to US$462 million, Caribbean business declined by three percent.
CWC Chief Executive Tony Rice said the company has had to “navigate some choppy waters in the Caribbean”, which accounts for 30 percent of the group’s revenue.
“The Caribbean has been more difficult than we anticipated at the time of demerger (in March) and we continue to face weak or declining economies across the region,” Rice said.
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