Posted: Friday, September 29, 2017. 11:24 am CST.
By BBN Staff: Belize Telemedia Limited (BTL) held their Annual General Meeting (AGM) on Wednesday, September 27th, 2017.
At the AGM, BTL reported less profits in 2017 when compared to 2016.
The net profit for 2017 amounts to 20.5 million dollars which is almost two million dollars down from 2016.
BTL’s CEO Rochus Schreiber told Channel 7 News that the fall in profits is due to depreciation.
Schreiber also noted though that the overall revenue increased by half a million dollars to 148 million.
“The net operating profit, which went down a little bit to $20 million, and then the third one is the EBITDA or the cash flow. The cash flow remained very strong and is performing very well. So the net income went down because of depreciation. However, the underlying performance of the company, the revenue, and the outflows, the spent on the operating costs remained very strong,” Schreiber said.
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