Latest update December 25th, 2024 1:10 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

GT&T continues to see decline in international revenues

Apr 30, 2009 News

ATN blames bypass and economic conditions

Atlantic Tele-Network (ATN) yesterday reported revenue growth for the quarter ended March 31, 2009, but noted continued decline in international revenues from its subsidiary here, the Guyana Telephone and Telegraph Company (GT&T).
For the first three months, revenue was US$56 million, an increase of $10.4 million, or 23 percent as compared to revenue of $45.6 million for the same period last year.
“The benefits of this strong performance and revenue growth were partly offset by the continued decline in our international revenues in Guyana, due to bypass and macro-economic conditions,” said Chief Executive Officer of ATN, Michael Prior.
International long distance revenue, all of which is generated by our GT&T subsidiary, was $10.4 million in 2009, a decrease of $2.2 million, or 17%, from $12.6 million in 2008.
“We believe this decrease is a result of a considerable increase in illegal bypass activities in the quarter resulting in lost revenue opportunities, as well as an overall reduction in call volume into Guyana as an outcome of the current worldwide economic slowdown,” Prior stated.
Net income attributable to Atlantic Tele-Network Inc was $8.8 million for the quarter, as compared to $7.9 million for the same period in 2008, an increase of $0.9 million, or 11 per cent.
“We were pleased to continue our revenue growth in the first quarter,” said Michael T. Prior, Chief Executive Officer of Atlantic Tele-Network, Inc., “and also to deliver steady operating and net income gains,” said Prior.
On the positive side in Guyana, he reported a slight pickup in wireless subscribers in that market, over the end of 2008, after a number of consecutive quarters of significant declines.
However, overall wireless revenue still showed a decline of $0.3 million, as increased competition led to a decrease in the wireless customer base to approximately 254,000 subscribers as of March 31, 2009 from 301,000 as of March 31, 2008. The subscriber base, however, increased from 248,000 as of December 31, 2008.

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

The wait is over, all roads lead to KMTC for their Grand Boxing Day Horse race meet

The wait is over, all roads lead to KMTC for their Grand Boxing Day...

Dec 25, 2024

Over 70 entries in as $7M in prizes at stake  By Samuel Whyte Kaieteur Sports- The time has come and the wait is over and its gallop time as the biggest event for the year-end season is set for the...
Read More
Xhiya Hercules – flipping the script towards Gymnastics history for Guyana

Xhiya Hercules – flipping the script towards...

Dec 25, 2024

Road Warriors, Bent Street, Team Cruel & Gold Is Money into quarter-finals

Road Warriors, Bent Street, Team Cruel &...

Dec 25, 2024

Deol maiden hundred outshines Matthews’ as India take series

Deol maiden hundred outshines Matthews’ as...

Dec 25, 2024

Moraikobai village two days football competition and fun day set for Old and New Year’s Day

Moraikobai village two days football competition...

Dec 25, 2024

BCB thanks cricket fraternity for strong support in 2024

BCB thanks cricket fraternity for strong support...

Dec 25, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]