TSTT posts $384.3m in profits for year ended March 31, 2009

Trinidad - TSTT has posted after tax profits of $384.3 million for the 2008-2009 financial period, more than doubling its profits from 2007-2008. This from the company’s Chairman, Samuel Martin.

Mr. Martin said this was a commendable performance over the previous year, especially when considering the intense competition in the telecom market and ongoing turbulent global economic conditions. “This is a very significant improvement over the prior year’s results of a net profit after tax of $159.9 million,” he said. “In this very critical time of a global credit and liquidity crunch, it must be noted that TSTT has achieved international benchmarks on liquidity and asset performance.”

Mr. Martin cited three key factors for the increase in profits: • A two per cent ($69 million) rise in revenue • Reduced cost of sales in the mobile market • Reduced depreciation leading to a net impact of $124 million. In addition, the TSTT Chairman pointed to greater efficiency in the telecoms mobile operations and a growing broadband Internet customer base.

Other highlights of TSTT’s 2008-2009 performance included the firm’s successful participation in the 5th Summit of the Americas, stabilisation of the platform for the delivery of triple play services (voice, data and video) and the establishment of a security division for both public and private sector clients. Though confident in TSTT’s ability to weather the uncertain economic climate, Chairman Martin spoke cautiously about the company’s expectations going forward: “The world economy is still in the midst of a global economic downturn and thus expectations should be guarded and cautious on hopes of similar performance levels in the new financial year,” he said.