13th December, 2018 The Minister of Public Enterprises and the Board of TCC are happy to announce a major turnaround in the performance of the company resulting in a profit of $1,170,000 Million for the 2017/18 financial year. This is in stark contrast to a loss of $1,864,073 Million that was recorded from the year before.
The company declared a dividend of $206K with the balance reinvested into expanding TCC’s range of services to all of Tonga in the coming fiscal years, in line with the Minister’s directive to provide affordable services to all. Along the same line the company also reduced internet rates to all customers by up to 50% at a loss of $1.65 Million to TCC.
The board attributed the reversal in TCC’s performance to a major review of the company which resulted in board and management changes, prioritising of staff and their requirements, overhaul of products and cost restructuring; all of this was driven with the customer being at the centre of the company wide review.
The board also noted that if not for Cyclone GITA which struck during the year causing losses of $1.2 Million in revenues and further damaged assets worth $1.7 Million the results for TCC would have resulted in a record year on top of a record loss making prior year. During and after Cyclone GITA, TCC made available free data, free SMS and reduced call rates to all subscribers to keep them in touch with loved ones at a further cost of $1 Million to the company.
TCC’s total contribution to the government for the financial year 2017/18, excluding dividend, was $4,442,232
ENDS