One Communications Ltd has reported net income of $7.7 million for the first six months of 2019, an increase of $500,000 year-on-year.

The telecommunications holding company, with operations in Bermuda and the Cayman Islands, had shareholders’ equity of $154.2 million on June 30, compared with $145.1 million at midyear 2018.

Cashflow generated from operating activities was $15.6 million compared with $17 million in 2018.

The company had capital expenditures of $8.1 million during the period compared with $14.4 million for the same period a year ago.

One reported $5 million in short-term investment at June 30, whereas it had no such investment a year ago.

Consolidated revenues for the period were $64.3 million and operating expenses were $55.7 million. Operating income was $8.6 million.

The company repaid $1.9 million in principal on its loan and had $11.9 million in cash at June 30 compared with $17.6 million in 2018.

Long-term debt was $25.1 million at the end of the period. The company has declared a dividend of eight cents per share for shareholders of record on April 30.

Frank Amaral, chief executive officer of One, said: “Much of our focus in Bermuda for the first six months of 2019 has been on launching our state of the art FibreWire TV platform and improving the customer experience around that service.

“As we finish up several network and service improvement projects that required significant capital, we are focused on growing free cashflow and bringing additional value to our customers and shareholders.

“We were delighted to provide our FibreWire internet customers with another speed boost during the period. We now offer our customers speeds of up to 300 Mbps, solidifying our world-class internet offering by putting our customers on par with global internet speed averages.”

He added: “In the business solutions area, we are now able to offer a full range of cloud, managed service and IT products that will complement our existing connectivity services. Targeted at both the enterprise and small business segments we intend to provide for the first time a broad solutions-based portfolio under a single provider.

“With respect to the company’s operations in the Cayman Islands, growth in the national economy continues to benefit us as we invest and expand our fibre footprint on the island with more than 70 per cent of homes passed in Grand Cayman.

“Our products and brand continue to be well received with market leading customer satisfaction scores, and continued subscriber count growth and penetration rates.”