LONDON-Cable & Wireless plc reported revenues for the six months of $7.3 billion, a 25-percent increase from the $5.9 billion reported for the same period the previous year.
The company recorded earnings of $5.6 billion, or 23 cents per share, compared with $1.8 billion, or 4 cents per share, for the six months, ended Sept. 30, 1998.
“We have moved decisively to implement our transformation over the last six months,” said Graham Wallace, Cable & Wireless Group’s chief executive. “We have disposed of a number of assets that do not fit our priorities and have acquired a key business in Japan-an important market for us. We have created global operations and are extending our global IP network in the U.S., Europe and around the world.”
Wallace said in the short term, however, the difficult economic and market conditions in Hong Kong, coupled with the company’s major capital programs and revenue investments there, are expected to reduce significantly full-year underlying earnings compared with the last financial year.
