Liberty P.R. reports $104.3M in 3Q19 revenue, up 4.7% year-over-year
Liberty Puerto Rico reported revenue and subscriber growth for the third quarter and nine-month period ending on Sept. 30, 2019 and announced upcoming plans to launch new services by year’s end.
In its report, the company revealed it added 6,300 customers in the third quarter and 33,100 so far this year. This growth was mainly driven by an increase in broadband subscribers, Liberty confirmed.
Reported revenue for Liberty Puerto Rico’s third quarter 2019 stood at $104.3 million, which represented a 4.7% increase from the same year-ago quarter. Liberty Puerto Rico also reported $306.7 million in revenue for the first nine months of 2019, a 26.9% increase over the same period last year.
“Our numbers for the third quarter and year-to-date demonstrate that the investment and upgrades we have made in our network, services and customer experience processes are paying off, said Naji Khoury, president and CEO of Liberty Puerto Rico.
“We continue to expand our coverage areas so more customers in Puerto Rico can have access to our market-leading products and services,” he said. “We also continue to offer innovative products that enhance our customers’ entertainment experience.”
During a call with analysts to discuss results, Balan Nair, CEO of Liberty Latin America, said the company “will continue to focus on our customers and have a number of new products and propositions launches coming up.”
“We also have a cloud-based Android solution for Puerto Rico, which we then plan to rollout across many of our markets,” he said.
The new video product — which is currently being tested — will be available before the end of the year, offering more content and more on-demand services, Khoury said.
Liberty Latin America recently announced it had signed an agreement to acquire AT&T’s operations in Puerto Rico and the U.S. Virgin Islands. “This acquisition is a very large investment in Puerto Rico,” Khoury added. “It further solidifies our commitment to the island and the trust that Liberty Latin America has in our leadership and employees in Puerto Rico.”
Khoury emphasized that Liberty Puerto Rico intends to continue AT&T’s business in Puerto Rico and USVI, when the transaction is approved.
He reconfirmed that AT&T’s customers should expect to retain their current service plans and free roaming benefits, along with the same network quality, coverage and speed that they have come to expect from the mobile brand.
“You could say we have the best of both worlds,” Khoury said regarding the acquisition. “We have access to scale-related procurement benefits and the technological innovations that are developed by our technology & innovation team in Liberty Latin America. At the same time, we have the freedom to create customized telecommunications solutions that are suitable for our local markets.”
During the call, Nair said while third quarter customer net additions “were lower than the prior year when we were recovering from the 2017 hurricanes, our year-to-date net adds are strong and nearly double our 2018 numbers.”
Saying Liberty is “really bullish on Puerto Rico,” Nair said it is one of the company’s best businesses.
Khoury backed the statement by saying that the improvement in unemployment rates, and the government’s debt renegotiation talk with creditors could be favorable for Liberty’s business.
“Having said all that, our view is optimistic. We’re not overly optimistic, but we believe we have what it takes to operate in the environment,” Khoury said.
“It has been the case for many years, and we’ve been quite successful. I’m confident that we’ll be able to continue on that trend. So again, we’re carefully optimistic. But so far, the key indicators are heading in the right direction,” he added.
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