Cable Bahamas has recorded a 2.5% year-on-year increase in net income for the full year 2011 to BSD20.483 million (USD20.367 million). Warning that surging costs continued to challenge financial performance, the cableco noted that a 12.4% rise in revenue in 2011, from BSD88.863 million to BSD99.851 million, was offset by a concurrent 18.4% increase in operating expenses, which jumped from BSD46.936 to BSD55.561 million over the twelve month period. The company attributed the rise in operational costs to ‘major increases…from programming, electricity, fuel and staff related expenses such as national and health insurance costs.’ EBITDA was up slightly to BSD44.2 million from BSD41.927 million a year earlier, whilst operating income remained flat at BSD27.374, compared to BSD27.202 in 2010.
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OVETEL Cable notes slight profit increase despite rising costs
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