PROFITS at Jersey Telecom dipped last year as the States-owned company expanded into Guernsey.
Announcing its results for last year - which were the first as a limited company with the States as the only shareholder - the chairman of the board, John Henwood, said that the figures were ‘extremely good’ despite the fall.
‘Overall profits were depressed because we spent a lot in Guernsey without a lot of return,’ he said.
‘You could say that if we hadn’t have launched Wave Telecom in Guernsey and hadn’t given the Jersey regulator £1m, the results would have been more positive, but we have invested in the future - and we are confident it will bear fruit.
Although overall profits fell, total sales increased by 12.
per cent to just under £78m and the group’s flagship operation - Jersey Telecom itself - increased its profits by 4.
per cent to £16.
m.
Article posted on 17th June, 2004 - 12.00am
Most Commented: