$91.7m net TSTT profit
Telecoms provider TSTT has announced a $91.7 million net profit after tax for the year ended March 31, 2012.
This is a 131 per cent increase compared to the previous year.
Government, through its holding company National Enterprises Ltd (NEL), owns 51 per cent of TSTT while Cable & Wireless holds 49 per cent.
NEL is listed on the Trinidad and Tobago Stock Exchange.
In his report published in the press on Monday, chairman Everald Snaggs said the company's prudent operational management approach allowed TSTT to reduce its overall operating costs, including personnel costs, in order to keep it at a more favourable percentage of gross revenue over the previous fiscal year.
"Through solid operational management, TSTT has recorded year-on-year growth in its profitability," he said.
Other financial highlights of the company over the last year included the successful maintenance of total revenues within 0.5 per cent over last year. This, said the company, was due to the introduction of several lines of business, including entertainment, security systems, 4G Wi-Max broadband access, and fibre optic connectivity to the enterprise segment.
TSTT noted that this positive revenue trend counteracted the natural decrease in landline revenues, which was well below international standards.
Operating costs were reduced by $70.4 million, or 3.2 per cent, in spite of a non-standard work force size.
The company also reduced its loan portfolio by $185 million, resulting in an improved debt to equity ratio significantly below international standards.
TSTT generated positive operating cash flows of $575.6 million during the year, before taking into account capital investments and debt repayment.
During the year, Snaggs said, the company continued to maintain its market leadership with its cornerstone products, namely mobile, broadband Internet and fixed voice.
The company's outlook sees TSTT continuing to roll out its broadband strategy, he said, and by the end of March 2013, several new services are to be introduced. These will include Bzones—Wi-Fi hotspots with free broadband access for TSTT customers, wireless television subscription service, and 4G-ready mobile data network.