Cable & Wireless Communications Plc (CWC.L) posted a plunge in its full-year pre-tax profit to $104 million from $462 million last year, and adjusted pre-tax profit pre-exceptional items decreased to $414 million from $456 million in the year-ago period. Net loss attributable to owners of the parent company was $77 million, as against a profit of $197 million a year before.
Annual loss per share was 3.1 cents, versus a profit of 7.5 cents in the previous year, while adjusted earnings per share slid to 6.5 cents from 7.2 cents in the comparable period of 2011.
Revenue for the year was $2.88 billion, up 18% from $2.44 billion in the prior-year period.
Separately, the company announced the retirement of Mary Francis as a Non-executive Director with effect from the end of her current term on June 30, 2012. Francis would be succeeded as Chair of the Remuneration Committee by Simon Ball who, in turn, would be succeeded as Chair of the Audit Committee by Ian Tyler; both changes would be effective from June 1, 2012.
In addition, Alison Platt would join Cable & Wireless Communications' board as a Non-executive Director from June 1, 2012. Also, she would become a member of the Audit, Nomination and Remuneration Committees.
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by RTT Staff Writer
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