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Sep 13, 2013

B.T.L. reporting a drop of $5.5 million in profits

The government-owned Belize Telecommunications Limited will hold its annual general meeting this coming September twenty-sixth. Early word is that the company will be reporting a less than stellar performance with another drop in profits of five point five million dollars. Looking at the figures, in 2011, the gross revenue was reported at one hundred and fifty-eight million dollars and by 2013; it has gone down to one hundred and forty-four million, a significant drop of fourteen million dollars. In 2011, profits after tax stood at thirty-four million dollars; fast track to 2013 and B.T.L. will be reporting a profit of twenty-one million dollars; that’s down by thirteen million despite government’s huge reduction in taxes. There is also a drop in earnings per share. In 2011, it is sixty-eight cents and in 2013, it is down to forty-two cents, a whopping thirty-eight percent fall. The decrease in revenue and profits aside, there are changes reported in the hierarchy of the company. A two member Executive Committee has been set up; it comprises Net Vasquez and the Prime Minister’s son, Anwar Barrow. One wonders whether this is paving the way for the P.M. to appoint his son as the new Chairman of B.T.L.  But all be told, the downward trend in profits since the nationalization begs the question – was the investment of the people’s money through the Social Security Fund profitable and safe?

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3 Responses for “B.T.L. reporting a drop of $5.5 million in profits”

  1. Rhenae Nunez says:

    NO! The investment was not only imprudent, it was reckless. It demonstrates Barrow’s bull-headed rapaciousness. Everything should be done to recover OUR $50Million TAKEN from SSB, OUR $20Million TAKEN from Central Bank and OUR $15Million TAKEN from SSB for BEL.

  2. meandi says:

    Anwar Barrow again? What has he done at Quickstop? just check his GST and business tax submissions. Lots of under-reporting. this is the way these people operate. While revenue has not changed in BTL, expenses have risen. This is an example of what Govt appointed leeches do to a profitable enterprise.

  3. Liberty & Freedom says:

    The word is nepotism. QuikStop is owned by Anwar. Now we can rename BTL to Big Time Looting.
    Smart has the slogan “Gimme Dollar”. BTL will soon have a slogan “Gimme all your Dollars”. So what is next? Revoke SMART license because they are making money?

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