BTC also realized a net profit of $21.1 million, down from the 2007 profit of $42.8 million, according to the report.
BTC Acting President and CEO I. Kirk Griffin, in his CEO report said the decline in revenue resulted mainly from an 18 per cent ($9.9 million) decline in net roaming revenue, offset by an increase in broadband revenue by 12 percent to $16.0 million.
Domestic wireless revenue from postpaid subscribers reduced by 9.6 per cent, or $5.2 million, partly as a result of subscriber migration from postpaid TDMA service to prepaid service, which increased by $7.2 million to $143.1 million," the report said.
Mr. Griffin added that the increase in operating expenses resulted from increases in plant expenses, utilities and supporting services, personnel and training, primarily as a result of implementing new services and technology migration.
"Payroll and benefits increased by 15 per cent to $83 million due mainly to finalization of the 2007/2010 industrial agreements," Mr. Griffin said.
"At the end of June 2008, BTC paid $25 million to the Public Treasury, which was in addition to Customs duty and franchise fees paid during 2008 totaling $16.4 million. BTC also paid regulatory fees totaling $4 million to the Public Utilities Commission (PUC) during 2008."
But BTC Chairman Julian Francis said in his report, that despite these figures, "to fail to create a competitive telecoms environment in The Bahamas at this juncture would be a grave disservice to the residents, visitors and businesses of The Bahamas."
Mr. Francis said that is why for almost 100 years, BTC has enjoyed a virtual monopoly in the telecommunications sector.
He added that that is why imminent and profound changes in the operating environment will radically reshape the marketplace for telecommunications in The Bahamas.
"In the very near future, we anticipate that the shareholders of the company – the government of The Bahamas – will complete a privatization exercise involving the sale of a controlling stake of BTC to a strategic partner," he said.
