TSTT announced its after-tax profit in two pages of advertising in local newspapers. This is the text of the Chairman’s statement.
On behalf of the Board of Directors, it gives me great pleasure to present TSTT’s AuditedFinancial results for the period 2016-2017. Our performance is very much aligned with the Board’s primary mandate to transform TSTT into a 21st century agile broadband communications company.
For the period ending March 31st 2017, the Company delivered an after-tax profit of TT$49M. This represents a significant turnaround in the Company’s financial performance over the prior year, of TT$349M. Additionally, gross revenue growth of 2 % was achieved through a year-on-year revenue increase of TT$54M.
These accomplishments were made in the face of disruptive changes in the telecommunications industry both locally and globally and in the competitive and economic environment in which TSTT operates Our shareholders can be more confident of their investment and can look forward to a dividend payment of TT$24M for 2016/2017, having received approximately TT$3B in dividend payments from the inception of the Company in1991.
I want to also take this opportunity to reiterate that TSTT has never received a government subvention in the history of its operations and therefore does not represent any “taxpayer burden”. Notwithstanding the competitive environment, TSTT remained the market leader in the Mobile, Security and Fixed Voice markets, driven by significant strategic capital investments in new technologies.
This included the launch of High Speed 4G Mobile LTE and the expansion of our Wireless Broadband Network, the expansion of our international subsea capacity, the upgrade of our packet core and rollout of fiber solutions. We also streamlined our branding and began our organizational transformation.
Our focus in the new fiscal period is on Digital Transformation. We intend to use technology to improve the quality, reliability and efficacy of the solutions that we provide for the public. Our industry is extremely disruptive and we must transform to survive and to continue to remain profitable. I thank my colleagues on the Board for their support.
I wish to congratulate our CEO Dr. Ronald Walcott, his management team and staff for their hard work, commitment and dedication which made these results possible. I also thank our customers, vendors, strategic partners and all those who continue to support us.