For the year ended March 31, 1998, the company invested Ja$4.7 billion in the further expansion of its telecommunications network. This investment led to the installation of 62,500 net main lines during the year, maintaining the record achievement of 1996/97 and brings the total number of lines to 415,000.
Gross Operating Revenue and Net profit Attributable to stockholders for the year were $15,141 million and $3,139 million respectively. Compared to last year, Gross Operating Revenue grew by 16% whilst Net Profit attributable to stockholders has grown by 18%.
In his report the President & CEO, Errald Miller said that: “The results demonstrate that the company will better its commitment to achieving a customer base of 500,000 net main lines by the year 2000. However, given that the financial rate of return has fallen below the permissible rate, an application has been made to the Minister (in accordance with the All Island Telephone Licence) for an increase in rates.”
