£2m fall in JT profits

Tuesday 29th July 2008, 2:58PM BST.

JERSEY Telecom suffered a £2 million drop in pre-tax profits last year, its annual report has revealed.

The company’s profits before tax decreased from about £14 million to just over £12 million in the year ending 31 December 2007.

Managing director Bob Lawrence said that the drop was expected because of the increase in competition, as well as the fact that the company was investing heavily in numerous areas of the market.

He said that Jersey Telecom’s balance sheet was still strong and added that it was in a good position to move forward in challenging times. Our pre-tax profits are down because we are now operating in a highly competitive market — most noticeably the highly visible mobile market — and also because we are investing in other revenue streams,’ he said.

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