Some nice big Irish business news tonight. Denis O’Brien’s Digicel postponing IPO due to market volatility/emerging markets cc: @ianguider
— Seamus Conwell (@SeamusConwell) October 6, 2015
Digicel’s balance sheet is very weak, Francis Gaskins, president of research firm IPO Desktop, said. “It’s a big company that has been losing money since it started,” Gaskins said. “They’ve been growing subscribers at 2 percent a year.”
Digicel reported a loss of $157.6 million on revenue of $2.79 billion for the year ended March 31, compared with a profit of $43.5 million on revenue of $2.75 billion a year earlier.
“”Their revenue is flat, they are losing money, the company is not growing – it would not be seen as the most attractive of investments,” said Jay Ritter, professor of finance, University of Florida.
Oh the humanity.