Liberty Latin America revenues flat in Q3, completes sale of CWC Seychelles

Latin America

Liberty Latin America (LLA) reported revenues of USD 967 million in the third quarter of 2019, down 0.6 percent on a rebased basis compared to the year-earlier figure following recent quarterly rises due to the impact of Hurricane Dorian in the Bahamas and FCC funding received in Puerto Rico in Q3 2018. The company posted a EUR 70 operating loss for the 3 months ending 30 September compared to a EUR 139 million profit a year earlier resulting from impairment charges of EUR 14 million in the Bahamas and a goodwill impairment charge of EUR 182 million on its Panama operations due to ongoing competition. This was offset by improvements in operating cash flow (OCF) for the quarter, which climbed around 3 percent on a reported basis to USD 379.7 million compared to EUR 364.0 million a year earlier.

The company’s chief executive Balan Nair was keen to highlight the fact LLA added 80,000 subscribers across fixed and mobile products in the July to September period, taking total year-to-date additions to over 270,000. LLA also added or upgraded over 100,000 homes across its footprint during Q3 and continued to invest in mobile network coverage and capacity.

Cable & Wireless Communications (CWC) delivered record third quarter RGU additions of 35,000, with mobile subscribers broadly flat across all units, although Jamaica added 23,000 subscribers in the quarter and 85,000 in 2019 as a whole. The company also announced the completion of the sale of CWC’s business in the Seychelles to allow it to focus entirely on the Caribbean and Latin America region. CWC Seychelles served a total of 23,500 fixed subscribers and 76,000 mobile subscribers and was sold to a consortium of local investors for a total of USD 104 million, said LLA. 

In September it acquired the remaining 12.5 percent of Curacao-based telecommunications operator United Telecommunication Services (UTS) it did not already own and last month announced the acquisition of AT&T’s operations in Puerto Rico and the US Virgin Islands for USD 1.95 billion in cash.

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