tTech Posting 20% Jump In Revenues To JA$90.5M For June 2019 Quarter
tTech Limited recorded revenues of JA$90.5 million, an increase of 19.9% above the $75.4 million recorded for the corresponding period in 2018.
Expenses for the period were $82.5 million, an increase of 14.4% over the $70.6miIIion reported for same period in 2018.
Net Profit or Total Comprehensive Income for the period was $15.7 million, this represents an increase of 62% over the $9.7M reported in 2018
Chief Executive Officer Christopher Reckord, in his report to shareholders included in the company’s just released unaudited results for the quarter ended June 30, 2019, indicated that the second quarter’s performance was buoyed by several major projects which contributed positively to revenues and profit in the quarter.
During this quarter, he said that in addition to providing services for these new projects, tTech also procured and provided the equipment required to execute on these projects.
He also pointed to the important monthly recurring revenue from Managed IT Services, which continued to grow in Q2 with the addition of new customers using these services.
Cloud services continue to positively impact results, as they assisted organizations to replace old server equipment with cloud based alternatives.
Infrastructure Monitoring and IT Security also increased over the prior period.
Ttech’s Consulting team in partnership with third party solution providers continue to support our customers’ digitization efforts.
tTech Limited closed their second quarter ended June 30, 2019 with Earnings Per Share (EPS) of 15 cents an improvement on the 9 cents reported for 2018. Year to date EPS was however unchanged at 16 cents, as was also reported in 2018.