UK-based Cable & Wireless Communications (CWC) has released its financial results for the year ended 31 March 2012, with the company posting a 3% year-on-year drop in adjusted net profit to USD326 million. However, with the company recognising a non-cash impairment and accelerated depreciation charge of USD244 million in the twelve-month period, which it said was ‘primarily due to difficult market position and poor financial performance in Jamaica as indicated in Q3 results,’ reported net income stood at just USD26 million, representing a decline of 92% against the previous financial year
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OVETEL CWC records slump in reported net profit for FY12 on exceptional items
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