Operating income came under pressure with increasing costs to support Persona’s growing Internet business and declines in its telecom business, the company said yesterday.
Net income fell to $171,000, or 1 cent per share, in the three months ended May 31, down from $1.7 million, or 10 cents a share, in the same period of 2002. Revenue grew 58 per cent to $41.3 million in the third quarter from $26.2 million a year earlier.
Much of the increased revenue came from the acquisition of Cable Bahamas, completed Sept. 1, which contributed $15 million of revenue.
Third-quarter revenue from Persona’s Canadian operations was flat, compared with the previous year, at $26.5 million. A 3 per cent rise in cable revenue was offset by declines in telecom revenue.
Caribbean results measured in U.S. dollars continue to be strong.
Source: Toronto Star
