Posted: Saturday, June 21, 2014. 10:59 pm CST.
Saturday, June 21, 2014. PATRICK E. JONES Reporting: The state-owned Belize Electricity Limited this week reported a net profit of 18.7 million dollars for last year.
The announcement of the multi-million dollar profit was made during BEL’s annual general meeting which was held on Thursday night in Belize City.
Lower costs of financing and the lower cost of power are credited with contributing to the 2013 profits for BEL. It is a major turn around, after BEL posted a $16 million loss the previous year.
Senior Financial manager Betty Tam told Channel 7 News on Friday that BEL saw a 5% increase in sales, and when combined with a decrease in the cost of power by 8% helped the company to turn the 18 million dollar profit.
According to Channel 7, BEL announced at its annual general meeting that $5.6 million will be paid out in dividends to shareholders.
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