BTL reports 22% drop in net profit, revenues down 8%

Belize Telemedia Limited (BTL), formerly Belize Telecommunications Limited, has reported net income of BZD26.5 million (USD13.9 million), for its financial year ending 31 March 2012, down 22% (BZD7.3 million) from BZD33.9 million the previous year. According to the Amandala Newspaper, the government-controlled telco reported grossed revenues of BZD145.4 million in the year to March 2012, down 8% from the previous year, when it earned BZD157.9 million. The company attributed the fall in revenue in part to a one-time BZD13.6 million gain in the previous fiscal year, which arose from a change in the tax rate on internet revenues. In terms of core telecoms revenue, BTL said that for the year to 31 March 2012 the figure increased by 1% year-on-year to BZD139.1 million, driven by ‘an increase in mobile revenues, roaming revenues and internet & data revenues that overcame decreases in usage by our fixed line subscribers, including a decrease in international settlement revenues and an increase in VoIP [voice-over-internet protocol] usage for international long-distance calls’.