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.
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