Bermudian telecoms firm One Communications has boosted the revenues of the US firm that owns more than half of it.

Massachusetts-based ATN International, which last year acquired a 51 per cent stake in One, formerly known as KeyTech, announced net income of $2.34 million for the fourth quarter and $12.54 million for the year.

While ATN did not specify exactly what its Bermuda interest in One had added, it did say that the combined positive impact of acquisitions in Bermuda and the US Virgin Islands was $47 million. ATN’s total revenues were $128.5 million.

Michael Prior, ATN’s chief executive officer, said: “Revenue contributions in the fourth quarter from our 2016 telecom acquisitions in Bermuda and US Virgin Islands were consistent with plan, and our first India renewable energy projects, while not generating revenue yet, are set to deliver electricity production in the 2017 first quarter.

“We are pleased with the market positioning of our international telecom operations. Revenues have remained steady during the integration of our Bermuda and USVI acquisitions, providing a solid platform for long-term development and cash flows.

“Our early efforts have been focused on improving network performance and delivering service upgrades to ensure a superior customer experience and further strengthen our leading market positions.

“We will continue to make network investments in all our international markets in 2017, with a significant decline in those capital expenditures expected for 2018.”

In December last year, One announced that it was investing $20 million in infrastructure and started laying out its new FibreWire network. The company expects the island-wide launch of FibreWire services to be completed by early 2018.

Frank Amaral, One’s chief executive officer, said last year that “the infrastructure will vastly improve internet service, providing more bandwidth as well as a significant increase in speeds”.

ATN owns telecoms services providers in the US and the Caribbean, as well as Bermuda, and solar power systems in the US and India.

One, formerly known as KeyTech, offers internet, wireless and cable television services.