TelOne records a profit of $479,827 in the 1st half of 2015

This year, there’s been a lot of focus on state-owned telecoms operator, largely because of the changes that the operator has made to its product lineup and its direct push to be an internet company first, instead of just a voice communications provider.

According to a business update published by TelOne in the Sunday Mail, those efforts have resulted in a profit of $479, 827 for the half year ending 30 June 2015. Its revenues for the same period stood at $69,173,674. This total was challenged by steep administrative expenses ($32,602,918) and a high cost of sales total ($37,265,003).

The numbers actually reflect some cost management which has reduced administrative obligations from a total of $33,326,407 during the same period last year. TelOne has registered comparatively lower revenues in the two previous periods. Some of the cost-cutting measures put in place at TelOne recently include salary reductions and the scrapping of bonuses. 

The profit registered in the first half of 2015 is a drop from the $12,774,943 from the half year ending in December 2014. This previous strong number was supported by the $100 million TelOne recovered from debtors, which boosted revenue to $157,056,385 during that period. Compared to the same half-year period from last year, TelOne has recovered from a loss position of $7,864,577.

Other than the numbers highlights, TelOne’s business update placed a lot of emphasis on the potential that the operator is eyeing from Fibre to the Home and WiFi services; two products introduced by the operator earlier this year. Together with its new image and a new customer services charter, its new broadband services are expected to be growth drivers for the operator.

There was also mention of a network infrastructure modernisation project which TelOne wants to implement within the next 6 to 12 months. however, there was no mention of TelOne’s plans for setting up a new mobile network operator.