Telecoms firm KeyTech today posted losses of $1.9 million for the year ended in March.

The figure was $200,000 up on losses for the previous year.

A statement from the firm added: “Net loss for the year from continuing operations was $15.9 million versus $2.1 million in the prior year.

“A loss of $18.6 million was attributed to the difference between proceeds from the sale and recorded net assets of BTC.”

KeyTech CEO Lloyd Fray said”: “The last year was one of strategic positioning and growth for the company.

“KeyTech has positioned itself to offer robust triple play services and corporate data solutions over expansive and reliable network infrastructures as consumers substitute internet-based entertainment for subscription digital cable TV and businesses exponentially increase their bandwidth requirements.”

Mr Fray said: “Through our subsidiaries, KeyTech is positioned as the leading full-service telecommunications provider for corporate and residential customers in both Bermuda and Cayman.”

And he predicted that the full impact of the firm’s repositioning and acquisitions would be seen over this financial year.

The firm posted operating revenues of $66.9 million compared to $39.1 million for the previous year.

Revenue from voice services declined by $0.5 million as customers swapped from traditional landlines to cellphones and computer-based phone services.

Operating expenses went up by $31.6 million — attributed to consolidating Bermuda CableVision and WestStar TV.

Salaries and employee benefit costs went up by $6.4 million due to increased staff numbers through acquisition.

Loss attributable to shareholders was $13.7 million at year end, compared to a profit of $5.7 million the previous year.

Dividends for the first quarter of the financial year amounted to $1.3 million (nine cents per share). The previous year’s figures were $7 million (48 cents a share).

The statement added that KeyTech’s basic and fully diluted loss per common share was 88 cents, compared to earnings of 39 cents in 2013-2014.