Business

BTC CEO eyeing two to three percent growth after decline

$3M decline in revenue for mobile services, $16M in asset losses due to Dorian | New CEO expects revenue from the Dorian-affected islands to begin to increase in 2021

Bahamas’ Telecommunications Company’s (BTC) newly appointed Bahamian Chief Executive Officer (CEO) Andre Foster is eyeing two to three percent growth of the company over the next few years after consecutive years of shrinking revenue.

Liberty Latin America’s (LLA) most recent financial statement shows that the company saw a 12.6 percent decline in revenue between 2019 and 2020, from $207.3 million to $181.1 million, and a 9.5 percent decrease between 2018 and 2019, from $229.2 million to $207.3 million.

Foster told Guardian Business yesterday that the growth of the company is his number one priority during his tenure as BTC’s newest CEO.

The financial statements show that both Hurricane Dorian and the COVID-19 pandemic had myriad negative effects on BTC’s numbers.

LLA experienced a $3 million decline in revenue for mobile services in The Bahamas as a result of Dorian’s impact on Abaco and Grand Bahama.

The financial statement also revealed $16 million in asset losses due to Dorian.

“In September 2019, our operations in The Bahamas, which is part of our C&W Caribbean and networks segment, were impacted by Hurricane Dorian, resulting in significant damage to homes, businesses and infrastructure,” LLA stated.

“Based on our initial estimates of the impacts of the hurricane to our operations, during the third quarter of 2019, we recorded an impairment charge of $16 million to write off the net carrying amount of property and equipment that was damaged beyond repair.”

Foster said he expects revenue from the Dorian-affected islands to begin to increase in 2021, given that BTC has done extensive restoration work on the island, and is improving services on the island, including increasing its fiber network in certain areas.

According to Foster, if not for the COVID-19 pandemic, BTC would have been on a revenue recovery track last year.

Now, he said, BTC will be strategically focused this year on many new, special offerings for existing customers and offers to attract new customers to the company.

“There are things we are going to do in 2021 that are going to continue to drive that customer engagement,” Foster said.

“We feel solid that we own the majority of the mobile market. Our internal statistics indicate that we’re there, but certainly Aliv has had some good inroads and we’re going to continue to fight pretty hard to get those customers back.” 

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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