The Amalgamated Telecom Holdings Group of Companies recorded a net profit before tax amounted to $54.7million, representing a decline of 22 per cent over the same period last year.
ATH Group CEO Ivan Fong said the consolidated profit after income tax, attributed to the members of the holding Company for the financial year, was $14.6million compared to $14.3million last year.
Despite the subdued operating environment and investment pressure, he said the Group continued to maintain a healthy cash flow, driven by stable growth in its business operations, disciplined cost controls, and the continuing realisation of economies of scale available within the Group companies, due to the regional expansion.
The Group’s 2021 Annual Report reported that:
- operating revenue of the Group, for the financial year ended March 31, 2021, was $580million, representing a decline of 14.11 per cent, compared to the same period last year;
- with its stringent cost management, direct costs reduced by 15.44 per cent, compared to the same period last year;
- the effect of these measures improved the gross profit margin from 62.9 per cent in the financial year 2020, to 63.4 per cent in the current financial year;
- the Group EBITDA amounted to $171.5million, a decline of 22 per cent compared to the same period last year;
- net financing cost decreased to $5million, from $33million, mainly due to the weakening of USD against the Fijian dollar during the year.
“The Group will continue to uphold prudent financial policies, and strictly monitor and control financial risks, to maintain healthy cash flow generation capabilities, as well as value preservation and enhancement capabilities,” Mr Fong said in his report.
“Going forward, the Group will focus on realignment of its capital structure, and reinforce and develop favourable economic benefits, in order to continuously create value for its shareholders.
“Notwithstanding the current challenges, the Group will continue its efforts to grow shareholder value, by increasing its expansion in the region, with immediate focus on the Papua New Guinea (PNG) broadband network construction, where successful delivery of services into a market of 9 million populations, will be a great milestone for the Group.”
