TTST to post first ever net loss

29 May 2007

Telecommunications Services of Trinidad and Tobago (TSTT) has posted a profit warning, saying that it will likely declare its first ever net loss. The operator’s current estimate is that it will make a net loss of TTD122 million (USD19.8 million) for the year ended 31 March 2007, compared to a profit of TTD261 million the previous year. ‘While I have been here only a short time, I can speak for all TSTT employees when I say that we are not satisfied with these results. The difficulties that we are facing are no more than to be expected in the early stages of a liberalising market,’ said newly appointed Chief Executive Officer Roberto Peon. Increased competition and higher customer acquisition costs have hit the company’s bottom line.

Trinidad and Tobago, Telecoms Services of Trinidad & Tobago (TSTT, bmobile)