Digicel has reportedly told its bondholders that its last quarterly earnings dropped by 10 per cent.
According to a release seen by Bloomberg News, Digicel's earnings before interest, taxes, depreciation and amortisation in the quarter to the end of March declined to US$253 million from the same period a year earlier, as it altered tariffs and took a US$3 million hit from hurricanes.
Full-year earnings were down 2 per cent to just over US$ 1 billion, while revenues from its customer base declined 3 per cent.
The company is also said to have incurred restructuring costs of US$34 million.
The yield on Digicel's 2020 bonds rose as high as 23 per cent this month, before easing to 20 per cent on Monday.
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