KeyTech Group of Companies made a loss of $3.1 million for the six-month period that ended on September 30. This compared with a loss of $19.9 million for the same period in 2014. When normalised for the loss on the sale of Bermuda Telephone Company, the result was an improvement of $0.1 million.In a statement KeyTech said the loss for the period was related to one-time costs associated with the merger of Bermuda CableVision Limited and Logic Communications Ltd, redundancies and increased finance costs.“KeyTech continues to execute its strategy to strengthen its market position through acquisitions, mergers and investment in fibre networks in both Bermuda and Cayman,” said Lloyd Fray, chief executive officer of KeyTech.“The telecommunications market in Bermuda has undergone a major transformation as the industry embraces technological advancements as well as growing consumer demand for bandwidth, while operating in a challenging economic climate.”KeyTech’s long-term debt was reduced by $3.2 million during the period.Earnings per share for the six-month period was a loss of $0.20 compared to a loss per share of $1.20 for the same period last year. The company intends to declare a special dividend of $0.75 per share to shareholders of record immediately prior to the closing of its transaction with Atlantic Tele-Networks (ATN), which is subject to regulatory approvals in Bermuda and Cayman. US-based ATN's total stake in KeyTech will be 51 per cent once the transaction is approved.