The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas Telecommunications Company (BTC) generated a 7 percent year-over-over increase in 2021 third quarter revenues after adding 3,000 Internet and TV subscribers in the period.

Liberty Latin America (LiLAC), its ultimate parent, revealed that the carrier’s top-line for the three months to end-September 2021 jumped by $3.2m year-over-year, expanding from $44.6m in 2020 to $47.8m this time around.

No figures were provided for BTC’s profits, with LiLAC’s filings only showing the Bahamian carrier’s revenues, but the third quarter helped to solidify a $5.6m or 4.2 percent year-over-year top-line increase for the nine months to end-September 2021.

BTC’s revenues rose from $134.9m during the same period in 2020 to $140.5m this time around. BTC declined to comment when contacted by Tribune Business, and there was no explanation provided for the factors driving the revenue growth by LiLAC.

However, much of this is likely to have been driven by the economy’s re-opening and tourism industry rebound. Such activity was largely depressed for the last nine months in 2020, including six months’ comparison with this year’s results to-date, and BTC is likely earning increased roaming revenues as visitor numbers to this nation grow and more Bahamians travel themselves.

Data provided by LiLAC showed that BTC added 2,900 fixed-line subscribers, broken down into 2,100 broadband Internet additions and 800 new TV customers, during the 2021 third quarter. However, it continues to experience attrition in its mobile customer base due to fierce competition with Aliv, with subscribers in this area falling by 2,600 during the period.

BTC lost 200 post-paid customers, and another 2,400 pre-paid mobile subscribers, during the quarter. This left it with 175,100 total mobile subscribers at end-September 2021, broken down into 32,900 post-paid clients and 142,200 who are pre-paid.

On the fixed-line side, it has some 75,300 subscribers divided into 34,600 telephone customers; 31,200 Internet clients; and 9,500 TV takers. The total number of homes passed by BTC’s fibre-to-the-home network now stands at 120,900.

The Bahamian carrier’s third quarter performance was less impressive than the previous three-month period, when it enjoyed a 16.3 percent year-over-year increase in 2021 second quarter revenues despite losing close to 3,000 prepaid mobile subscribers.

BTC’s top-line for the three months to end-June rose by almost $7m compared to prior year numbers, jumping from $41m to $47.7m. This, in turn, helped propel the Bahamian carrier to a modest 2.6 percent increase in 2021 half-year revenues, more than offsetting the first quarter decline to produce a $92.7m top-line compared to the prior year’s $90.3m.

BTC’s 2021 second quarter numbers were up against weak comparatives from the prior year, as that was the period which endured the bulk of COVID-19 lockdowns and associated restrictions. Yet it also increased its postpaid mobile subscriber numbers by 400 during the 2021 second quarter, increasing the total to 33,100. This is the more lucrative, stable segment of the market representing higher margin customers on long-term contracts.

Andre Foster, BTC’s chief executive, earlier this year admitted to Tribune Business that the carrier faces “a real day-by-day fight” to reclaim mobile market share lost to Aliv.

However, he said the carrier is “pretty confident” that the erosion of its mobile subscriber base has “bottomed out”, adding that BTC believes new products it plans to launch will “help us reclaim some of our mobile subscriber base”.