One Communications Ltd made a $2.1 million profit between May 2016 and the end of last year.

The figure was released in an earnings report that covers the telecoms company from the moment it completed its deal with US-based ATN International on May 3, 2016 to the end of that year.

The transaction saw ATN acquire a controlling 51 per cent of One Communications, while One benefited from a $41 million equity injections and acquired ATN’s part-ownership stake in CellOne.

During the following eight-month period, ending on December 31, One Communications had revenues of $86 million, which were split between its operations in Bermuda and Cayman. The Bermuda operations generated $68.6 million of that revenue.

Operating expenses were $81.7 million, which included one-time transaction related charges of $5.3 million

The company’s operating income was $4.4 million, with earnings per share at five cents. Operating income adjusted for one-time charges would have been $10.4 million.

Frank Amaral, chief executive officer, said: “This has been a busy year for us, as we’ve been executing on our commitment to improve our customers’ experience in a number of ways.

“We were the first to launch 4G LTE in Bermuda. We continued to build out a state of the art FibreWire internet network that will be finished in Q4 2017 and launched 24/7 call centre support for our cable business.

“We have invested more than $25 million in our network infrastructure and will invest a further $7 million to fully replace our television platform.”

Mr Amaral added: “We intend to continue this hard work through the rest of this year and into 2018 as we streamline operations for our customers.”