Cable Bahamas has announced that it ended 2001 with an increase of over 19% in revenues over the previous year.

Said Finance Director Barry Williams, *”In a difficult year that ended in a recession, it’s promisng for the shareholders of Cable Bahamas that the company was able to grow revenue by 19.4%. It was particularly encouraging to see the revenue growth of $1.8 million in our core cable television business. Internet revenue grew from $1.2 million to $4.2 million — a 230% increase”.*

During 2001, the company received its licence from the Public Utilities Commission for the provision of telecommunications services, and launched Maxil Communications, a data centre, web-hosting and disaster recovery business. It completed a $25 million preferred share issue for Caribbean Crossings, owner/operator of the Bahamas Internet Cable System.

Cable Bahamas also undertook significant capital expenditures during 2001, including the completion of its fibre optic cable to the US and strengthening of its infrastructure throughout The Bahamas — particularly in Eleuthera and Abaco.

*”With the strength of our basic cable television business plus our growth in the Internet, international fiber, data centre and disaster recovery businesses, we have budgeted a further $5 million increase in revenue for fiscal year 2002″,* said Mr. Williams.