B.T.L.: record revenues but lower net profit

While controversy swirls over the means by which Glenn Godfrey raised funds to create the telecommunications company INTELCO, last night the incumbent monopoly, Belize Telecommunications Ltd, held its annual general meeting, the first since majority ownership was purchased by Jeffrey Prosser?s Innovative Communications Corporation. It was a mixed year for B.T.L. with record revenues at one hundred and twenty-four million Belize dollars, but reduced net earnings of “only” eighteen million. While most capitalists would kill for those numbers they did fall some fifteen percent below last year. As a result a dividend of twenty-two cents per share was declared, the lowest in the company?s history. Since taking over the company Prosser has stated on several occasions that he foresees no dividends over the next few years as all profits will be reinvested in the expansion of service and improved technology. This will no doubt encourage the owners of the sixteen percent of shares not in Prosser?s hands to accept his standing offer to buy at U.S. two seventy-four per share. Rumours persist, however, that those shareholders are holding out for a better deal, perhaps from a well-financed figure long active in Belizean business affairs.