Digicel Group, the mobile phone company controlled by Denis O'Brien, has told bondholders that its quarterly earnings dropped 10%.
That is according to an earnings release seen by Bloomberg News.
Digicel's earnings before interest, taxes, depreciation and amortisation in the quarter ending March 31 dropped to $253m from the same time last year, as the company altered tariffs and took a $3m hit from hurricanes, the company said in the presentation.
Full-year earnings dropped 2% to just over $1 billion, Bloomberg said.
Denis O'Brien founded Digicel in 2001 and turned it into a mobile-phone empire with customers spread from El Salvador to Vanuatu, financing the expansion partly with high-yield debt.
The yield on the company's 2020 bonds rose as high as 23% this month, before easing to 20% yesterday.
The earnings release also said the company's services revenues dropped 3%, while its operating cash flow decreased by 17% to $241m due to lower EBITDA.
The company also recorded restructuring costs of $34m.
A company spokesman declined to comment.
