One Communications made a profit of $7.2 million, or 18 cents per share, during the first six months of the year.

That compares with $8 million, or 17 cents per share, for the same period a year ago.

For the first half of the year the telecommunications company has reported increases in share equity and cashflow, and has paid $1.9 million in principal on its loan, leaving $33.5 million long term debt outstanding. At the end of June it had cash of $17.6 million.

Frank Amaral, chief executive officer, said: “The company completed its island-wide FibreWire roll-out, which along with other operational programs, produced important service quality improvements in our residential internet and TV products. We are happy to report service call volumes have declined and a corresponding increase in customer satisfaction scores since last year. All customers were provided free internet speed boosts as part of the network upgrades and overall customer feedback has been positive.”

He said work was under way on the company’s “next generation FibreWire television product” that is being trialled by its employees, before an expected launch in the coming months.

Mr Amaral added: “We are assembling a pipeline of new product offerings for launch to both residential and business customers over the next six months. Our goals with these products are to provide innovative solutions for reoccurring customer pain-points, add new revenue lines and overall value to our product set with the corollary benefit of reducing customer churn.”

One’s share equity was $146.1 million at the end of June, compared to $136.4 million a year ago, while its cashflow generated from operating activities rose from $10 million to $17 million.

Capital expenditures were marginally lower at $14.4 million, down from $14.6 million. Its consolidated revenue for the six-month period was $63.8 million, with operating expenses of $56 million.

Speaking about One’s operations in the Cayman Islands, Mr Amaral said: “We remain bullish on the country’s key economic indicators, such as positive population growth, which should continue to benefit our results. We continue to invest and expand our fibre footprint on the island with more than 60 per cent of homes passed in Grand Cayman.”

The company has declared a dividend of four cents per share, payable on October 5 to shareholders of record on September 28.