Liberty Puerto Rico reports $369.3M in 1Q22 revenue
Liberty Puerto Rico reported $369.3 million in revenue for the first quarter ended March 31, a 2% growth when compared to the $361.3 million on record for the same year-ago quarter.
In an earnings release, the company attributed the result to subscriber growth, adding 12,300 video, internet and fixed telephone service customers during the period. However, in the report, the company said the revenue was more than offset by a $7 million reduction in equipment revenue and $3 million decline in inbound roaming revenue as compared to the prior-year period.
“We have made good progress against a number of our key operational objectives in the first quarter,” said Balan Nair, CEO of Liberty Latin America, parent company of Liberty Puerto Rico.
“Of note, we delivered record mobile postpaid growth, grew our fixed subscriber base, continued to expand our high-speed networks and progressed business integrations in Puerto Rico and Costa Rica,” he said.
“Our sales initiatives and focus on delivering innovative offerings drove our best ever quarter of mobile postpaid additions with [more than] 120,000 new subscribers,” he said.
“The residential fixed business was led by strong performances in Costa Rica, Puerto Rico, and Panama,” he said.
“With respect to our inorganic strategy, we continue to make good progress with the integrations of AT&T’s Puerto Rico and USVI operations and Telefónica’s Costa Rica assets, each of which we expect to drive significant synergies in the coming years,” he said.
According to the report, Liberty Puerto Rico’s Adjusted Operating Income Before Depreciation and Amortization (OIBDA) was $144.3 million for the three-month period ended March 31, down 4% from the same year-ago quarter.
Liberty Puerto Rico spent $44.5 million for property and equipment additions during the quarter, and reported an outstanding debt of $2.6 billion, mostly associated with the investment it made to buy AT&T Puerto Rico’s assets.