Jun 2012 Financial News

TSTT’s profit soars

Jun 19, 2012

It’s official. The after-tax profit of majority state-owned telecoms provider, TSTT, increased by 131 per cent to $91.7 million for the financial year ending March 31, 2012 compared with the $39.6 million that the company made during the 2011 financial year. In presenting the company’s audited financial statements for the 2012 financial year, TSTT chairman Everald Snaggs attributed the increased profitability to its “prudent operational management approach” that allowed the company to reduce its overall operating costs, including its personnel costs, in order to keep it at a more favourable percentage of gross revenue over the previous fiscal year.

The telecommunications provider said that its management focus on operating cost control “resulted in a $70.4 million or 3.2 per cent reduction” in operating costs over the previous year, despite what it referred to as a “non-standard work force size.” TSTT said that it had completed negotiations for its senior staff up to the period of 2007 and that it hoped to conclude negotiations with representative unions for the period 2008 to present “so that its entire staff can be positioned for further improvement of the company’s performance.” The company said it continued to maintain its market leadership in mobile, broadband and fixed voice, while the implementation of greater innovation in its product offerings led to a 25 per cent increase in customer growth with regard to Blink Entertainment and a 50 per cent increase in Blink Vigilance.

Looking forward to the end of the current financial year in March 2013, the TSTT chairman said the company will continue to roll out its comprehensive wireless broadband strategy. The telecoms provider also promised the completion of additional Bzones, enhanced Wi-Fi Hotspots to allow for free broadband access at 4G speeds to TSTT customers and the introduction of a wireless subscription home television service as well as the upgrade to a 4G-ready mobile data network using HSPA+ technology. TSTT also said that it would install an independent submarine fibre optic cable to improve inter-island connectivity and broadband services between Trinidad and Tobago.


Source:
Trinidad Guardian
Tuesday June 19, 2012

http://www.guardian.co.tt/business/2012-06-18/tstt%E2%80%99s-profit-soars