Liberty Global plc expects to receive insurance proceeds to cover the losses to its operations caused by Hurricanes Irma and Maria and is still assessing the extent of impact on its operations in the Caribbean, the company said in a press release Oct. 6.
The company is reviewing its previously announced 2017 financial guidance for LiLAC Group, which consists of Liberty's operations in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. Liberty will provide an update at its upcoming third-quarter investor call in November.
In Cable & Wireless, or C&W, more than 50% of its mobile sites across impacted markets of Anguilla, Antigua & Barbuda, British Virgin Islands, Dominica, Montserrat, St. Kitts & Nevis, and Turks & Caicos are now online. The company is working on restoring connectivity across its fixed networks. The revenue contribution from the markets most significantly impacted by the hurricanes represents about 4% of C&W's second-quarter revenue.
While Liberty Global suffered some damage to its sub-sea systems, it maintained connectivity throughout all countries it serves, except Dominica, which went offline temporarily and was restored after the storm passed. Liberty is still assessing the impact of the hurricanes on its Liberty Cablevision and C&W operations in Puerto Rico. With the power supply and transmission system of the island severely impacted, Liberty said it cannot predict when and to what degree these services will be restored across Puerto Rico.