Cable and Wireless full-year profit falls

LONDON—Cable and Wireless PLC reported Thursday that full-year profit dropped 5.7 percent compared with the previous year, when the bottom line was boosted by the sale its Bahrain unit.

The company reported a profit of 164 million pounds ($321 million; 206 million euros) for the year ended March 31, compared with 174 million pounds a year earlier. Revenue fell 5.8 percent to 3.15 billion pounds ($6.17 billion; euro3.96 billion).

The company reported that earnings before interest, taxes, depreciation and amortization rose 33 percent to 552 million pounds ($1.08 billion; euro693 million). The company boosted its full-year dividend by 28 percent to 7.5 pence (about $0.15; euro0.09) per share.

"Gross margin is now above 40 percent and operating costs are below 30 percent of revenue after cost savings of more than 100 million pounds ($195 million; euro125 million) achieved in the year," Chairman Richard Lapthorne said.

In the previous year, Cable and Wireless' profit included 153 million pounds ($300 million; euro192 million) from the sale of Batelco in Bahrain.

Cable and Wireless shares rose 1.7 percent to 155.1 pence ($3.04; euro1.95) in early trading on the London Stock Exchange.

------

On the Net: http://www.cw.com