Friday, 15 February 2008   Cable and Wireless Jamaica (CWJ) Limited has continued to rack up huge financial losses.

For the nine months ended December 2007, CWJ suffered $493 million in loss.

This was a reversal from the $1.3 billion in profit recorded during the corresponding period in 2006.

It appeared that increased competition in the telecommunication market was responsible for a $1 billion decline in revenue for the April to December period.

Cable and Wireless earned $17.3 billion down from $18.4 billion in the previous year.

Despite the downturn, the management of CWJ is optimistic of the future.

The company is putting in place revised processes and executing initiatives to among other things, strengthen its market position.

It adds that the senior management team had been further strengthened through the appointment of a new Chief Financial Officer

The Board said it expected the measures would result in improved financial performance in the medium term.