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#310191 - 11/12/08 02:30 PM BTL Earns More Record Profits!
Marty Offline
It is expected that when the House of Representatives meets on Friday, government will impose an increased Business Tax on telecommunication companies, taking it from 19% to 24.5%. That’s the difference of millions of dollars for the country’s largest telephone company, BTL – but from what we saw today, they can probably afford it!
7NEWS has obtained the Report of the Directors circulated within BTL and it says that the phone company’s revenues shot up last year from $140 million to $156,938,000. That’s an increase of over $16 million. And from that it also derives a record net profit of $37.8 million.

And where does all that money come from? Well, from all those phone credits you’ve been buying. The Directors’ Report states that the increase in revenue derived chiefly from a $13.8 million increase in earnings from pre-paid service. Also of interest in the report is the fact that the total number of cellular customers at March 2008 were 144,000 subscribers – an increase of 23% year on year.

And while it earns plenty, BTL also pays the most taxes in the country, somewhere upwards of $25 million annually – that would go up quite a bit with the proposed adjusted Business Tax.

A Directors’ Report is usually prepared in advance of an annual General Meeting, but BTL hasn’t held one of those since last year.

Channel 7 News

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#310232 - 11/12/08 05:14 PM Re: BTL Earns More Record Profits! [Re: Marty]
Moby Offline
It's not hard to make record profits if you can charge some of the highest rates in the world because you don't have to fear the competition.

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#310576 - 11/14/08 01:53 AM Re: BTL Earns More Record Profits! [Re: Moby]
Marty Offline
GOB seeks fair share from BTL
The House of Representatives will be meeting on Friday November 14. Among other things, at that meeting Government will be introducing a bill to increase the level of Business Tax that it currently gets from Belize Telemedia Limited (BTL).

Judging from the public statements being made by BTL representatives, it would seem that the company is none too happy with government’s decision of increasing taxes. But as Government has made its decision to increase the taxes on BTL from 19 to 24.5 percent on gross income, BTL should be the one least expected to complain.

In a Report of the Directors which the Guardian has gotten a hold of, the company is recording another year of record breaking profits. Revenue for the company had an increase from $140,467,000 to $156,938,000 representing a $16,471,000 increase. Of that, net profits are $37,800,000 up from $26,155,000 last year.

Notably revenue increases are $13.8 million in prepaid services including costs for fixed and cellular lines. There was also a $1 million increase in roaming charges from persons visiting Belize, $1 million increase in net international settlements and $2.8 million in increase for Internet and data services. The bottom line is that BTL is making quite a large profit from customers especially when talking through pre-paid services.

With Government’s increase in taxation on the single most profitable company in Belize, Government’s take is expected to go up by at least $10 million more from last year’s taxation which stands in the range of $25 million.

The Guardian

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