Aug 25, 2010

Beyonce Concert came off at a lost of $2M according to TSTT

Choops Man!

Minister: TSTT made $2m loss|Trinidad Express

Public Utilities Minister Emmanuel George said yesterday that according to a statement he received from the Telecommunications Services of Trinidad and Tobago (TSTT), the company made a loss of about $2 million on the Beyonce concert in February.

George's plain talk appears to clarify a statement released on August 13 by TSTT chief financial officer Rakesh Goswami.

In a streaming video launched on TSTT's new on-line media centre, Goswami said the company got involved in the Beyonce concert as part of a "customer appreciation" initiative. He said the company hosted the concert on a "semi-commercial" basis at a "net cost" of just over $2.2 million.

Here we go again and now we have a government minister saying that a loss is just a loss and it does not matter that lost came about. Hello, it does matter! Give us the figures, the true figures. How much was spent on the show and what revenue was obtained from ticket sales. Take away revenue earned from the expenditure to host the show and we will see the net profit or loss for the venture.

The thing is they don't want to disclose the details because it would show how much waste took place and how favoritism ensured that special interests benefited from the concert promotion.

"He said there was net cost of $2 million to the organization. When you balance expenses versus revenue, you get the net cost of negative $2.2 million. So the net impact of the concert to the company was negative $2.2 million," said Camille Salandy TSTT's head of public relations and external affairs.

Now for those who don't know just keep in mind that the concert was packed, it was sold out so the speak. So if that is the case how could you sell out and yet lose all of that money? Only in Trinidad my friends and please take note that the consumer will eventually pay for this loss with your rates for telephone service. Now that is just not right - choops man!






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