Dubs 2011-2012 “year of transformation”

Belize Telemedia Limited (BTL) is due to hold its Annual General Meeting next Friday, September 28, 2012, at the Princess Hotel in Belize City.

The Government of Belize holds a 63% stake, the Belize Social Security Board a 20% stake, The Central Bank of Belize an 8% stake and small shareholders a 9% stake in the company, and directors and shareholders are expected to vote on dividend payments at the upcoming AGM.

A substantially reduced profit could mean that Government stands to receive less in dividends than it did last year. The company has published online its directors’ report and financials for the year ended March 31, 2012, and those reports indicate that revenues, earnings and shareholder equity have declined compared to the previous year.

“In this fiscal year ended March 31, 2012, net income decreased by $7.3 million or 22% to $26.5 million from $33.9 million recorded in the previous year,” BTL reports. “Earnings per share decreased to 53 cents from 68 cents per share from the previous year [also 22%].”

BTL grossed revenues of $145.4 million for the last financial year, down 8% from the previous year, when it earned $157.9 million.

According to BTL, though, “The gross revenue figure from the previous financial year included $13.6 million which was a one-time inflow due to a change in tax rate on internet revenues.”

The company notes that core telecom revenues experienced an increase of 1% to $139.1 million from $138.2 million.

“This was a direct result of 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 usage for international long distance calls,” it added.

BTL said that 2011-2012 was a year of transformation for the company.

“The entire transformation exercise encompassed a series of continuous improvements in customer service aimed at a service excellence approach,” the report of directors said. “This includes focus and attention on improved service delivery that is faster and more efficient in responding to customers, a review of our business processes for improved operational efficiencies and an overall culture change within the Company.”