Hawaiian Telcom, now a subsidiary of Cincinnati Bell, contributed to nearly 25% of its parent company’s revenue in the first quarter but it wasn’t enough to prevent the Ohio-based firm from posting a wider loss.

Shares nose-dived 11.7%, or $1.07, to $7.87 on Wednesday after the results were released.

Cincinnati Bell’s loss more than tripled to $26.9 million, or 59 cents a share, from a loss of $8.3 million, or 26 cents a share, in the year-earlier quarter.

Revenue jumped 28.4% to $399 million with Hawaiian Telcom providing $87 million of that amount. Cincinnati Bell finalized its $650 million acquisition of Hawaiian Telcom on July 2.

“Our solid first-quarter results continue the momentum generated during a transformational 2018, further differentiating Cincinnati Bell from its traditional peer group,” Cincinnati Bell President and CEO Leigh Fox said on the company’s earnings conference call. “A key driver for this has been Cincinnati Bell and Hawaiian Telcom’s decision to invest in dense local fiber for more than a decade, resulting in a combined network with over 16,000 fiber route miles throughout Greater Cincinnati and Hawaii.”

In Cincinnati, fiber-to-the-premise technology — the installation and use of optical fiber from a central point directly to residences, apartment buildings and businesses for high-speed internet access — is available to about 60% of the company’s market with internet penetration reaching 43%. In Hawaii, fiber-to- the-premise technology is available to 50% of the homes and businesses on Oahu with internet penetration reaching 30%.

FIRST-QUARTER LOSS

$26.9 million

YEAR-EARLIER LOSS

$8.3 million