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May 13, 2011

B.E.L.’s AGM says company loses $5 Million in profits

On Thursday night Belize Electricity Limited held its Annual General Meeting for financial year ending December thirty-first, 2010, at the Best Western Belize Biltmore Plaza. According to the utility company, its profits went down by five million dollars, from eight point nine million in 2009 to three point four million dollars. According to B.E.L., because of declining profits, it has been unable to meet loan obligations and is in fact in breach of covenants. Furthermore, it is unable to borrow and cannot pay dividends. B.E.L.’s C.E.O. Lynn Young says in a press release that “the P.U.C. has misconstrued its responsibility to balance the interest of the consumer and the Company while ensuring that Belize has a reliable and viable electric service,” and “Rather than secure that we are able to finance our activities for customers and shareholders, the P.U.C. instead seems obsessed with destroying what we have built over the last thirty years.”

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11 Responses for “B.E.L.’s AGM says company loses $5 Million in profits”

  1. HANZ says:

    just read the news story carefully and see what BEL is saying. They are saying that they have made 3.4M in profits. One need not be an accountant to know that profit means the gains made on an investment once all liabilities for a finacial year have been discharged.That means BELs complaint about not being able to meet debts does not hold water. If they have made profits it means that their loan commitments for the financial year have been met leaving a profit of 3.4M. What BEL really wants to say in a round about way is that they want to make more profits and to do this they need the consumer to pay a higher rate for electricity. Don’t be duped my fellow Belizeans. BEL is creating fear without cause.

  2. mylegacyb4mypeople says:

    Thank you Hanz you have put it in perspective, apparently BEL believes that the Belizean public are all fools and cannot tell that a profit is a gain and not a loss, there cannot be a loss when there is a profit the whole world is having financial challenges BEL some companies are even actually having losses and closing their doors, I would like to suggest to the PM to nationalize BEL since that 3.4M profit that they are complaining about would sure put a lot of Belizeans to work and when the economy improves where the profits would go up it will benefit the citizens of Belize even more, down with BEL they are just plain greedy. Remember, My Legacy B 4 My People.

  3. chabelli says:

    every body is broke thanks fraud dean

  4. sue says:

    every body is making money except . what they want to do is raise electricity more so can make more money……people we cant buy in belize no more good for those who big time who could go shop at the free zone what happen to stupid belizean who have to teck the licking here in belize and pay higher price…….electricity intent is to make more money ……..imagine at time i use to pay 28.00 now im paying double…..what happen to the lower class and middle class people …..
    soon wasa will say they are lost too……for BELIZE TO BE A SMALL COUNTRY THE BILLS AND RATE IS TOO HIGH …..

  5. javier solis says:

    BEL is always crying. The charlatan up there by the name of Chabelli is a PUP stooge. How come he can actually sympatize and believe a company that has gouged us for years? They are broke???? Give me a break!!! If Chabelli and his goons would be returned to public office imagine what will happen to us consumers?

  6. Ringo says:

    Lynn Young is OVERPAID. Give him $5. @ hour and you will see how much profit BEL will have left. Hang da crook.

  7. MACAL RIVERA says:

    YEA RINGO I AGREE WITH YOU LYNN THE THIEF FI WE MONEY YOU KNOW, LOOK THE LIVE HE LIVE THE RIDE HE DRIVE, AND THEY HOLLER DEM BROKE, BS, BS.
    LYNN DAH FOOL DI TALK BUT DAH NO FOOL THE LISTEN

  8. oscar says:

    mmmh if BEL Broke then how about me ! Why them bill them Dam DAM? no fu save we fa pay less. I think dat electricty da mi fu give some where else now we di pay the price …..
    no place wha loses $5 Million in profits…jajajjajaj them wha raise the bill pa we more …
    belizean open ur eyes………………………..take more question do action ………

  9. Mylegacyb4mypeople says:

    Back on this ignorant, stupid statement BEL has lost $5 million in profits how ridiculous you guys really take the Belizean public for @$$#$.
    Remember, My Legacy B 4 My People.

  10. I Have Awaken says:

    companies, which morphed into, ‘corporations’; have pulled this stunt time and time again. Company A will say, we had a loss of 5 million this quarter, what they really meant to say is that, instead of making 500 million we only made 495 million, 5 million short of our projections, so they consider that a loss.

    Watch the documentary ‘The Corporation’ it will clearly state, that it is actual law for a corporation to make money and increase profits, and pretty much by any means.

    This is old news, BEL have been at war for a few years now with PUC in trying to increase utility rates; I give PUC credit and support for they have stood their grounds in not allowing BEL to rape us with sand; for they are already raping us without KY Jelly.

  11. LARGE AND SEXY says:

    BEL WANT TO JAM THE BUCCUT INA WE @$$ NOW, WELL I CAN GO BACK TO MY “KINKEH” THEN I WILL BE THE ONE TO USE THE BUCCUT ON BEL, THAT’S WHAT BEL NEED MAKE WE BUCCUT THEM

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