Cable Bahamas yesterday unveiled impressive second quarter results as it reshuffled its board and top executives in the wake of chairman Philip Keeping regaining the largest stake in the company, reporting that net income for the three months to June 30 grew by 37.22 per cent.
The net income increase – from $2.8 million in the year before period to $3.7 million this time – came as Cable Bahamas announced the appointments of George Mackey, Al Jarrett and R.A Gordon McNad to its Board of Directors.
They replace I.G. Stubbs, Dr. Keva Bethel and Brendan Paddick, Cable Bahamas’ chief executive who have all resigned. Richard pardy becomes chief executive to replace Mr. Paddick, who has exited after Persona, the Canadian cable television and communications company, sold its 25 per cent stake in the firm to Mr. keeping for C$25.8 million.
Fidelity Capital Markets, in daily stock market commentary, said Cable Bahamas increased its net revenues during the second quarter by 18.33 per cent or $1.9 million to $12.5 million, compared to $10.5 million last year.
Earnings per share (EPS) rose to $0.15, up $36.36 per cent from $0.11 in 2003.
The Tribune
