Bahamas BTC Cautiously Optimistic About Financial Results

­The Bahamas Telecommunications Company (BTC) has said that it is "cautiously optimistic" that fiscal year 2009 will witness a marked improvement in profit performance over the 2008 numbers despite the ongoing economic recession in the Bahamas.

Kirk Griffin, Acting President and CEO, responded today to the press reports of yesterday's tabling of the BTC 2008 annual report in the House of Assembly. "The truth of the matter is that BTC - like companies all through the Bahamas and all over the world - faced a difficult 2008 due to the severe downturn in the global and national economy." noted Griffin.

"As people travelled less, it meant that there were less tourists making calls in the Bahamas. This translated into a sizeable fall-off in our roaming revenue. As businesses contracted and laid staff off, it meant that there was less money in the economy for persons to spend on phone cards, new cell phones and the like. It really is that simple." continued Mr. Griffin.

BTC added that it has not been standing idle in the face of the ongoing sluggish economy and that the company has been adjusting accordingly to improve its revenue prospects. "We didn't stand idly by as we watched the economy deteriorate. The Board and Management of BTC took decisive actions to bolster exposure of promising product lines within the marketplace, while at the same time, the company took aggressive action to reduce and contain costs without eliminating any of its product offerings."

"The reason that we temper our optimism with caution is because we recognize that the months of September through November are traditionally challenging months for cellular revenue due to low tourism arrivals and seasonally adjusted employment in the industry. Thus, while we feel good as to where we are, we are mindful that the economy is still stressed and we cannot say with absolute confidence how the year will end up. Yet, with continued creative leadership and continued vigilance on our expenditure, I am hopeful that we will be able to end the year with profits approaching the $40 million range - more in line with the profits earned in 2006 and 2007", stated Griffin.

Posted to the site on 29th October 2009