By Benjamin Flowers
Despite a $1.2 million decline in profits, Belize Telemedia Limited Chairman Nestor Vasquez maintained that the company has had a “solid” year.
Vasquez, speaking at the company’s annual general meeting held at the Biltmore Hotel on Thursday, explained that BTL’s revenues had declined from $143.8 million to $142.6 million. The decrease represents a difference of 0.87 percent.
“Despite investments and upward operating costs, shareholders received healthy dividends,” Vasquez said.
Vasquez echoed Prime Minister Dean Barrow’s Independence Day message, announcing that the company would be doubling internet speeds for half the cost.
Executive Chairman Anwar Barrow’s presentation explained to share holders the company’s plan for moving forward, including plans to expand the company’s Long-Term Evolution (4G LTE) capability.
“At the end of our investment program BTL will be able to launch LTE and offer broadband speeds in line with the rest of the world,” Barrow said.
Apart from reviewing the directors’ reports and consolidated financials, the company and its share holders also considered and approved a dividend of 4.8 percent representing a value of $.24 per share for the fiscal year which ended on March 31.