Telecoms holding company One Communications Ltd recorded net income of $16 million in 2019, the company reported in a filing with the Bermuda Stock Exchange.

That was an increase of $900,000 over the net income recorded a year earlier.

The company reported shareholders’ equity of $156.3 million as at December 31, 2019, an increase of $6.1 million over the previous year.

Capital investment during the year was $17 million, some $11.3 million less than in 2018.

The company paid $6.5 million in dividends for the period ending December 31. One paid $1.7 million in dividends in 2018.

Frank Amaral, chief executive officer of One, said: “For Bermuda in 2019, we continued efforts to further improve and enhance our suite of internet, TV and mobile services.

“We were especially focused on the launch of our FibreWire TV platform, which provides customers with a choice as to when, where, and over what device, they want to watch.

“With respect to the company’s operations in the Cayman Islands, we continue to benefit from strong capital investment and continuing growth in the national economy.”

The company reported earnings per share for continuing operations for the year of 39 cents per share.

One’s total assets increased during the year to $212 million, up from $205.6 million the year previous.

Consolidated revenue for the period was $105.6 million in Bermuda and $30.7 million in Cayman. Total operating expenses were $114.4 million.

The company made $4.7 million in principal repayments in 2019 leaving a balance of $27 million in long-term debt outstanding.

One said it did not make use of its overdraft facility in 2019 and had $20 million in cash and cash equivalents at the end of the period.

During the year, the company repurchased 1,005,037 shares under the approved share buyback programme at an average price of $3.58 per share.