million, or $6.32 a share, for the year ended March 31 compared to the 1997 financial year.

The company took in revenues of $69 million, an increase of 7.4 percent. BTC stated in a press release the revenue increase came solely from the provision of local service. Revenues from channelling international calls "remained flat'' the company stated.

"Operating expenses increased by 5.9 percent to $55.9 million, primarily as a result of service provisioning programmes designed to meet increased demand for local revenue, and higher depreciation charges,'' BTC stated.

BTC also spent $19.6 million on upgrades to its plant through a capital expenditure programme. Shareholders equity increased by 6.7 percent to $73.1 million, or $39.13 a share.

The company's annual general meeting will be held 4 p.m. June 26.