BTL's Profit Increased by 600%
This morning, BTL held its 15th Annual General Meeting - virtual style.
Among other businesses, where the Board of Directors reported to the
company's shareholders and to the Belizean public about how the company
performed during the 2020/2021 fiscal year.
They collected gross revenues of 141 million dollars leading to a net
income of 8.7 million dollars - which s 600% more than the previous
year's measles 1.2 million dollars.
Tomorrow, we'll have a deep dive into the figures, but tonight, we have
an excerpt from the Chairman's remarks.
Here's how he explained that BTL's 4G LTE and the DigiNet Fiber to the
Home networks were able to provide reliable service to all customers
in an era of COVID social distancing, working from home, online
education, and internet recreation:
Mark Lizarraga - Chairman, BTL
"Fiscal year 2020-21 has been a year of many lockdown. We have seen the
implementation of new methods of working and schooling and much
adaptation to the changes around us. As the pandemic raged, it brought
changes and challenges for each of us as individuals, as families and
as communities and for BTL as well. Yet despite the effects of the
pandemic, Digi continued on the path to transform and to evolve as our
national telecom while safe guarding constant stable and affordable
connectivity services to all of our customers. The effect of these
challenging times were reflected in the almost 29 million dollars or
17% decline in our revenues, as well we saw the country's GDP subtract
by some 14%. Nevertheless, through aggressive cost optimization and our
organizational evolution, we're happy to report that were still able to
turn a much improved profit this year for which the government of
Belize and the people of Belize by default will receive 49 cents for
every dollar of dividends declared. The importance of digital
connectivity, superior technology, advance telecommunication systems
and reliable infrastructure became more evident over the past year.
Digi is proud to have been able to rise the occasions meeting the
demands of all of our customers country wide. We sought to maximize all
available resources including our modern network and trusted Digi brand
with our highly skilled work force in order to deliver efficient and
dependable services across Belize."
BTL says it has 194,000 mobile customers.