finance

C&W profits up

Cable & Wireless Panama (C&W), of which the state owns 49 percent, reported a net profit of $133 million dollars for the 2007-2008 fiscal year, ending on March 31, a 21 percent increase from the previous year.

According to the figures published yesterday by C&W´s London headquarters, the company took in $617 million in gross sales. That amounted to an increase of 14 percent over the 2006-2007 period, when sales reached $543 million.

C&W's telecommunications branch Móvil reported $268 million in revenues, or 43 percent of sales.

Mobile phone users grew 47 percent, or 1.8 million users, corresponding to a market share of 57 percent.

C&W said it was unknown if the government would sell its share of the company, but indicated that C&W would have the right to buy five percent.