Amalgamated Telecom Holdings Limited's subsidiary company TransTel Fiji Limited recorded an 89 percent decline in its revenue at the end of the last financial year.
Aside from an increase in the provision for doubtful debts, operational costs were maintained below budget.
TransTel made a loss of $400,000 during the last financial year.
ATH chief executive Tomasi Vakatora said TransTel will be focusing its resources and capital on growing its Yehdo micropayment product, by pursuing and developing business opportunities.
He admitted that Yehdo has not been without its challenges and though performing below expectations to date, is growing steadily.
Vakatora said significant amongst the development for Yehdo is the public transport ticketing system.
He added that they are working with the Fiji Bus Operators Association and the government to adopt an efficient fare collection system.
Vakatora has revealed that they have signed a joint venture agreement with its technology partner, a USA company – CPDI, to pursue business opportunities in fifteen Pacific Island countries including PNG, Solomon Islands, Tonga, Samoa and Tahiti.
According to Vakatora, Yehdo will be the principal offering of the joint venture company, which will be registered and headquartered in Suva.
Story by: Shalvin Deo
Feature
Transtel revenue down 89 percent
