One Communications Ltd improved its net income by more than $1 million for the six months to the end of June, compared to the same period a year ago.
It achieved that earnings result whilst also giving a free, temporary boost to internet speed for many FibreWire customers during the peak of the Covid-19 pandemic in Bermuda. The company said it had, on July 1, replaced that with a free permanent speed boost of at least 50 per cent to the majority if its residential customers.
One’s net income was $8.9 million, or 22 cents per share, compared with $7.7 million, or 19 cents per share, for the same six months last year.
Frank Amaral, chief executive officer of One, said the company spent much of the period adapting its day-to-day operating model to cope with the emergence of Covid-19.
He said: “The wellbeing and safety of our team and our customers was paramount as we looked to serve and be of support as we transitioned through the pandemic response. This highly unusual situation tested our capabilities to pivot quickly and drive value added changes that will benefit us for the long term and ensure we continue to meet our strategic and financial goals.”
Mr Amaral said One had worked hard to remain flexible with existing corporate customers in the face of the pandemic, and is fine-tuning processes and organisational structure in relation “to delivering the full range of cloud, managed services, and IT products to complement our existing connectivity services”.
One is continuing to expand its “fibre footprint” in Cayman Islands.
Mr Amaral added: “In both Bermuda and Cayman the company made substantial community contributions
during the pandemic totaling $100,000. Several not-for-profit sectors received cash donations to fund programmes targeted at those families most impacted. In addition, various groups in the educational and medical fields received free or upgraded connectivity services to ensure that they could better meet the challenges presented.”
During the six-month period, One generated $17.4 million of cashflow from operations, up from $15.6 million, while reducing capital expenditure to $7 million, from $8.1 million in the same period in 2019.
The telecoms company also paid off $1.9 million of principal on a $37.5 million long-term debt agreement, which matures next May. The outstanding debt balance is $25.2 million.