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Increased competition hurts GT&T revenue

Mar 06, 2009 News

Guyana Telephone and Telegraph Company wireless revenue has decreased by US$700,000 as increased competition led to a 24.4 percent slump in the company’s wireless customer base to 248,000 subscribers at the end of the fiscal year.

This is according to GT&T’s parent company, Atlantic Tele-Network, which yesterday stated that the Guyana subsidiary’s revenue increased slightly, due to a 5.3 percent increase of access lines to 139,000.
International long distance revenue fell 16.8 percent representing US$11.08M, the parent company stated.
This, it stated, was caused by rising illegal bypass activities, and an overall reduction in call volume into Guyana due to the current economic slowdown.

Atlantic Tele-Network reported net income plummeted to US$6.59M from US$12.59M, missing the consensus estimate of US$0.66 per share.
Total revenue for the parent company increased by 11.7 percent year-over-year to US$55.39M from $49.57M.
Wireless revenue improved 31.8 percent to US$30.04M due to the consolidation of Bermuda Digital Communications and US$1.90M revenue growth in the company’s U.S. rural wireless business.

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