Net Vasquez says Telemedia profits are down

When the Government nationalized Telemedia, it took over a profitable company. But if you are expecting rates to go down, do not hold your breath because there was a different tale sounded today. Chairman Nestor Vasquez told the media that profits have dropped by millions of dollars.

Net Vasquez, Executive Chairman, Telemedia
“We anticipate that the company will be having a big fall in the profits as compared to previous years. I say this because for the year ended March 2008, the company saw a profit of thirty-seven million dollars. Just about a week ago, the directors signed off on the financials for the year ended March 2009 and the profits on those financials dropped to eighteen million dollars, almost half of the thirty-seven. And we anticipate that for the year ending of March 2010 it is going to be like that or even less because the revenue has slipped several million dollars.”

When questioned on Voice over Internet Protocol which G.O.B. promised would be made available to consumers, Vasquez said that the decision will be left up to Public Utilities Commission.