Increased revenues, less profit for tTech in 2019 financial year

Business

Increased revenues, less profit for tTech in 2019 financial year

BY ABBION ROBINSON
Business reporter
robinsona@jamaicaobserver.com

Wednesday, May 13, 2020

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Managed IT services and consulting company tTech Limited remained profitable for its fourth year since its January 2016 listing on the Junior Market of the Jamaica Stock Exchange, amid a mixed performance.

For its financial year ended December 31, 2019 tTech achieved revenues of $340.3 million, an increase of 19.9 per cent when compared with the $283.9 million recorded in the corresponding period in 2018.

However, net profit for the period under review amounted to $24.7 million, a 10.1 per cent decrease when compared with the previous corresponding period.

According to tTech, the adoption of International Financial Reporting Standards (IFRS) 16 Leases influenced this result.

The company added that if the new standard were not applicable, tTech would have recorded net profit of $27.0 million, a two per cent decrease compared to the $27.5 recorded in the corresponding period in 2018.

tTech experienced growth in its total net asset value of $17.8 million, an increase of 8.9 per cent over the prior corresponding financial year. This was driven by a mix of growth in net current assets of $13.3 million and growth in net non-current assets of $4.6 million.

Earnings per share for the period under review ended at $0.23, a decrease compared with the $0.26 recorded in the prior corresponding period.

“At the time of writing the world is in crisis as a result of the coronavirus disease 2019 (COVID-2019) pandemic. However, tTech intends to survive and thrive in these unprecedented times, and we have been making adjustments to how we operate. One benefit of the technology investments made since inception is that the entire staff can operate remotely from home, and tTech is perfectly positioned to help organisations to quickly and securely increase their use of technology because of the COVID-19 crisis,” tTech stated.

The company added that the COVID-19 crisis will not be a short-term problem but has forced organisations to increase their use of technology, which will be positive for tTech.


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