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February 10, 2011

Cable & Wireless Caribbean operations still troubled

From Caribbean360:

LONDON, United Kingdom, Thursday February 10, 2011 - Telecommunications giant Cable & Wireless says its Caribbean operations continue to suffer amid adverse economic conditions and earnings won't increase in the second half of the financial year.

In a third quarter statement issued yesterday, Cable & Wireless Communications Plc (CWC) said it expected earnings by the end of the fiscal year in March to remain flat at around US$115 million.

"The one region that remains very difficult is the Caribbean where we see the market continue to be challenging with tourist spend and, hence, consumer and business disposable income significantly below historic levels," said CWC Chief Executive Officer Tony Rice.