Wednesday, January 23 2008

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Cancer Society Projects Manager, Ann Paula Bibby (right) receives the donation from TSTT's Manager Corporate and Community Affairs, Trudy de Verteuil,...

THE TELECOMMUNICATIONS Services of Trinidad and Tobago (TSTT) said un-audited results for the period April 1 to September 30, 2007 has shown a turnaround in its financial fortunes.

In a statement on Monday, TSTT said the first six months of the current financial year saw net revenue increase to $1.1 billion, 14 percent higher than the $963 million reported for the comparative period in 2006.

Profit after tax also increased to $124 million compared to an after tax loss of $66 million reported for the six month period ended September 30, 2006.

TSTT suffered a $239 million loss for the financial year ended March 31, 2007, citing marketing to compete against main rival Digicel, along with cable theft, as major contributors to the huge loss.

TSTT said that while cable vandalism has declined “slightly over the last year,” it remains a significant drain on resources and a major source of frustration to customers. The absence of a collective agreement is an ongoing concern for the company and its staff it added.