Digicel dials into net profit for first time

Digicel Group, which comprises mobile phone operations in 24 markets in the Caribbean and El Salvador, recorded a net profit of $41 million in the 12 months to the end of March 2009. This compared with a loss of $74 million in the previous year. “It’s an important landmark for us,” Digicel’s chief executive Colm Delves told The Irish Times.

At a pretax level, Digicel posted a surplus of $113 million compared with a loss of $48 million in the previous period. After the end of Digicel’s financial year on March 31st, the telecoms group raised $350 million through a bond issue, which provided funds to acquire a 38 per cent stake in its sister company, Digicel Holdings (Central America) Ltd, which is also controlled by Mr O’Brien. Digicel Central America launched in Honduras and Panama in late 2008 and had signed up 1.1 million subscribers in these markets.