Key Tech Ltd., the parent company of BTC, Logic and majority stakeholder of Bermuda CableVision, yesterday reported a 14 percent increase in earnings per-share for the financial year ended March 31 2002 - despite losing more than $70,000 through investments.

In a release, the company said: "In spite of a year of unprecedented change in the telecommunications industry, KeyTech Limited has delivered to its shareholders a Net Income of $15.1 million in 2002. This represents basic and fully diluted earnings per share of $7.04 and an increase of 14 percent over 2001."

The company said that the increase was achieved through another solid performance on its subsidiaries and an increase in other income being the return of surplus assets from the pension fund partially offset by provisions against investments and a loan to a joint venture. Income attributable to minority interests was $7,832.

KeyTech's expenses were $7.7 million higher in 2002 than the previous year, $5.6 million of which was operating costs and $2.2 million was amortisation expenses. The company also said $71,120 was lost through investments. General operating revenues were $2.9 million higher this year, totalling $89.5 million. At the same time, there was a decline in revenues from international interconnection fees which has meant lower long distance rates for consumers. KeyTech CEO Sheila Manderson said: "The company has responded and adapted to this change by seizing opportunities to diversify and grow revenues in areas other than the traditional mainstay revenue streams."

The company also said yesterday that 2002 was marked by the introduction of several new products and services. Further BTC Mobility was granted a Class B Wireless Network License to operate as a separate company by the Minister of Telecommunications and began implementation of a GSM Mobile wireless network which will become operational in August 2002.

KeyTech also said that the company's balance sheet and cash position remained strong. Share book value was $49.50 and the return on equity was 15 percent. The directors of KeyTech also announced a dividend for the final quarter of the year of 50 cents per share. Total dividends for the year were $2 per share.