Cable & Wireless Communications, an international mobile operator, has disappointed investors after admitting Voice revenue continues to decline across the group.
The firm stressed that it is working hard on costs to mitigate this especially in the Caribbean and Panama where, as anticipated, market conditions remain tough. In line with this strategy, Panama has shed a large number of low value, promotion driven customers, whilst maintaining mobile revenue.
The company said that termination rates in Jamaica have now been reduced and it has seen an early pick-up in customer numbers resulting from promotional activity.
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The BTC business in the Bahamas continues to deliver solid progress in its financial performance ahead of the post-acquisition plan, together with "much improved" service and product offerings to its customers.
In a statement the firm said: "Private sector and government enterprise pipelines retain a healthy potential although governments continue to be hesitant before launching the new programmes which we are there to support. Faced with this issue in its home market Cable & Wireless Panama is continuing to address enterprise opportunities in adjacent territories.
"Macau continues to trade strongly. Monaco and the Islands are trading in line on an underlying basis but we expect their reported performance will be affected by the weakness of the euro.
"Overall group trading performance remains in line with the outlook indicated at 2011/12 results."
The company's net debt increased $23m to $1,418m since March 31st.
The share price fell 3.03% to 32.27p by 09:22.
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