Digicel makes net loss of US$198m in 2013

(Jamaica Gleaner) Digicel Group made a net loss of US$198 million last year, as disclosed by Fitch ratings agency in its most recent report on the telecom.

Fitch gave Digicel a stable B rating on its long-term foreign currency debt and said the outlook for the company was stable.

Digicel finances its capital programmes through debt, including bond issues.

Fitch said Digicel made a loss of US$198.491 million – the equivalent of J$20 billion – at its financial year ending March 31, 2013.

The telecom, which does not publicly disclose its financial performance, declined to comment on the matter.

“Digicel is a privately held company. We do not publish our financial results nor do we comment on media reports about our financial results,” said head of group public relations Antonia Graham.

The loss was the first since 2010, when the company bled US$131.679 million. Chairman and founder Denis O’Brien has previously confirmed that he is currently seeking a special dividend from the company, which reports have put at US$650 million.

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