BTL Bounces Back

Belize Telemedia Limited’s Annual General Meeting for its fiscal year 2020/2021 was held virtually this morning. The company is reporting a net income or profit of eight million dollars, which is a six hundred and five percent net income growth, when compared to fiscal year 2019/2020. In that year, BTL experienced its worst revenue earnings up to that period. And, due to the COVID-19 pandemic economic constraints, the company’s revenue fell by a further thirty million dollars. So, how were they able to record profits equating a six hundred percent increase from the worst year on record? Chairman Mark Lizzaraga says aggressive cost optimization was the answer. CEO Ivan Tesucum broke down the numbers.

Mark Lizzaraga

Mark Lizzaraga, Chairman, BTL Board of Directors

“The effects of these challenging time were reflected in the almost twenty nine million dollars, or some seventeen percent decline in our venues. As well, we saw the country’s GDP contract by some fourteen percent. Nevertheless, through aggressive cost optimization, and our organizational evolution, we are happy to report that we were still able to turn a much improved profit this year, for which the Government of Belize and people of Belize by default, will receive, forty nine cents for every dollar of dividends declared.”

Ivan Tesucum, CEO, BTL

“The black represents where we ended off and for which we are we are presenting the numbers for this AGM. It shows that there was a seventeen percent decline in revenues. However, the management, the staff, the board of directors contributed to ensuring we were able to optimize our cost and we had a 21 percent decline in expenses. That resulted in a six hundred and five percent growth, for a net income of eight point seven million this year, compared to last year’s figure of one point two million dollars stated.”