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Nov 30, 1999

B.T.L. releases six month results to shareholders

B.T.L., the nation’s most profitable company, today released its six month financial results… and while over eighteen million dollars in profits is not bad for a half year’s work the numbers are not quite as buoyant for shareholders as in the immediate past. Revenue grew just slightly to forty million dollars while expenses took a twelve percent jump. As a result operating income fell nine percent to eighteen point one million. Major courses of the flat revenue growth included reduction in domestic long distance rates as well as a change in US government rules which forced B.T.L. to reduce the amount it collects from US phone companies when they call into Belize. This alone resulted in a loss of four million dollars. On the upside, B.T.L.’s new technologies — including cellular, data and Internet — continued to grow at a quick pace and that trend should continue well into the future. As for expenses the company continued to invest in technological expansion and increased staff costs that go with it. Y2K preparedness also contributed to the higher than normal expenditures. B.T.L.’s monopoly on telecom service in Belize expires in 2002 when it is expected that a measure of competition will be introduced into the marketplace in at least some types of services.

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