Digicel profits increase

DIGICEL, the fastest growing mobile operator in the Caribbean, has reported a 10% boost to its first-half profits.

The group controlled by Irish entrepreneur Denis O’Brien saw profits increase to $364 million (€244m) on sales of $857m.

Digicel grew its subscriber base by 7% in the past 12 months to 7.3 million, it said.

In its most recent quarter to 30 September, 2009 it added 98,000 subscribers.

Group chief executive Colm Delves said the figures showed the group made a strong start to the year with Digicel increasing profits and subscribers “in a tough economic climate”.

Despite increased competition Digicel is winning market share, he said.

Sales for the six months to September 30 hit $857m, up by 3% in constant currency terms.

Digicel’s EBITDA (earnings before interest, tax depreciation etc) rose 44%, the fifth successive quarter it has been at or over 40%, reflecting strong demand.

“We have demonstrated that with disciplined cost control and relentless focus on giving customers what they want, companies can continue to thrive even in challenging times,” Mr Delves added.