Profits up, dividends down at B.T.L.

Yesterday evening Belize Telecommunications Limited held its annual general meeting, the last before its fifteen year monopoly ends on the first of January. If that date marks the beginning of a new era for B.T.L., at least the old one ended with a bang. Revenues rose ten point six percent to a record one hundred and eleven million dollars, while net after tax profits jumped thirty percent to over thirty-four million dollars. While these numbers would normally make shareholders jump for joy, there was instead a good deal of grumbling from those seated in the audience, led by the Social Security Board, who wanted a dividend substantially larger than the twenty-nine and a half cents decreed by majority owner and B.T.L. chairman Lord Ashcroft. While public perception assumed that Ashcroft would lead the charge to loot the company’s treasury, instead the chairman cogently argued that B.T.L. must fortify its financial position to deal with the coming competition and massive investment necessary to introduce new technology. While this meant a reduced short term dividend, it was offset, Ashcroft explained, by the increased capital value of the shares.

With government throwing its patronage to newly operational INTELCO, and that company angling for private sector business as of January first, B.T.L.’s profits are expected to decline substantially. But this does not mean the demise of the mighty green machine. With a comfortable grip on the local market, a huge installed customer base and new digital technology, B.T.L. will not be easily moved from the field of play–particularly if that field is level. As for B.T.L. shareholders who now face the frightening prospect of annual returns that will be described merely as large instead of splenditous, it is hoped that their loss may result in some gain for consumers; those forgotten people who have patiently paid fifteen years of exorbitant rates so others could have the luxury of fighting over the size of their dividends.