TSTT returns to profitability

Company releases un-audited results for the six (6) months ended 30 September 2007

According to un-audited results for the period April 1 to September 30, 2007, the first six (6) months of TSTT’s current financial year saw Net Revenue increase to $1,098 million, 14% higher than the $963 million reported for the comparative period in 2006. The company’s Net Profit after tax also increased to $124 million or $190 million more than the loss after tax of $66 million reported for the six (6) month period ended 30 September 2006.

During the first six (6) months of this fiscal year TSTT undertook a radical review of its operations with the intention of returning the company to profitability. Several major initiatives have been launched during the current financial year. These initiatives include the expansion and enhancement of the mobile network to remain the number one network of Trinidad and Tobago. Furthermore, TSTT has undertaken to evolve its core, backbone network to IP-based technology, allowing the Company to not only deliver more cost effective service, but greatly enhanced product and service solutions tailored to the needs its customers.

In addition, the company reorganized its operation along core lines of business - Mobile, Fixed line, Broadband, Enterprise and support functions. During the six months period the company also undertook several initiatives aimed at strengthening internal controls and improving its efficiency including asset rationalisation.

TSTT has renewed its focus on customer service, recognising that superior service is a key factor in differentiating world-class telecommunications providers. The company has put into place a number of service improvement programs aimed at improving customers’ experience in contacting TSTT and reducing service outages. However, cable vandalism, though declining slightly over the last year, remains a significant drain on resources and a major source of frustration to customers.

The management of TSTT and the staff remain committed to turning around the company. This will require an ongoing evaluation of its cost base and organizational structure to ensure alignment with the requirements of a competitive marketplace. It is imperative that the organization has the flexibility to undertake the changes necessary to compete effectively. The absence of a collective agreement in line with the realities of the marketplace is an ongoing concern for the company and its staff.

“I am pleased with the financial progress for the first six months of this year and particularly proud of how our staff has responded to the challenges,” said Roberto Peon, TSTT Chief Executive Officer. “TSTT is committed to take the necessary actions to ensure that we remain the telecommunications service provider of choice and a key enabler in Trinidad and Tobago’s realization of Vision 20/20.”