Cable & Wireless Communications (C&WC) saw declines in mobile subscribers in its Caribbean and Panamanian units during its fiscal first quarter, ended June 30, which the company attributed to reductions in prepaid usage and a continued difficult market situation in Jamaica, the company said in a statement.
In an interim management statement, the company gave an update on its operations in the first quarter of its fiscal year, which ends March 31, 2012, in its four markets – the Caribbean, Panama, Macau and Monaco & Islands.
CARIBBEAN
Speaking on a conference call with investors, company CFO Tim Pennington said that first quarter performance in the Caribbean was in line with expectations set out in May and that the decline in mobile subscribers was due to its discontinuing of certain promotional activities.
C&WC’s mobile subscriber numbers in the Caribbean were down 8.14% at the end of June to 1.23mn compared to 1.34mn the same date last year.
NEW YORK (Reuters) – U.S. stocks staggered to the end of a dismal second quarter on Wednesday in another low volume session as investors found little reason to take on risk after conflicting economic data.
Wednesday’s session ended like many during the quarter, with a late-day selloff as buying interest waned and investors sold underperforming stocks in the worst quarter since the market meltdown triggered by the collapse of Lehman Brothers.
“Just pushing all the garbage off the side of the ship,” Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey, said of the late sell-off.
“If there was more of a lift, they would have been able to sell these things a little higher up, and there wouldn’t have been this kind of end-of-day pressure.”
The Dow Jones industrial average .DJI dropped 96.28 points, or 0.98 percent, to 9,774.02.