TSTT, for another year, experienced a decline in revenue as it recorded an 18 per cent decrease from $2.49 billion in 2020 to $2.04 billion in 2021.
But, through a mix of cost-cutting and containment of non-personnel expenses the group was still able to produce encouraging results, including an improvement in overall equity by $209 million.
The adjustments resulted in an after-tax loss of $94 million as compared to $278 million last year.
TSTT chairman Sean Roach, in the consolidated financial statements for the financial year ended March 31, said that despite the decline in revenue the majority-stated owned group was able to improve its after-tax loss.
“Regionally and internationally, networks are under pressure,” Roach said. “Internet traffic is growing exponentially, the price per gigabyte is declining almost as rapidly and the result is a downward pressure on revenue growth and margins.”
He said TSTT had to focus on managing expenses, triggering several initiatives including a cost cutting drive. The measures contributed to a reduction of expenses by $433 million.
Still, finance costs went up by 25 per cent – from $247 million in 2020 to $310 million. Personnel costs went up by six per cent to $501 million as compared to $471 million last year.
“As the covid19 pandemic persists and the business continues to evolve in step with rapid technological development, the impacts will have to be counteracted by even further cost-containment initiatives in expense categories not contemplated as well as implement innovative financial and technological solutions to enable the group to build on the successes achieved during the financial year.”