Green Packet 3Q net loss narrows to RM13.7m

Green Packet 3Q net loss narrows to RM13.7m
Written by Joseph Chin
Monday, 15 November 2010 19:04


KUALA LUMPUR: GREEN PACKET BHD [] posted net losses of RM13.71 million in the third quarter ended Sept 30, 2010, a decline from the net loss of RM31.84 million a year ago and expects margin erosion in the competitive broadband and voice business segments

It said on Monday, Nov 15 that revenue rose 60% to RM100.89 million from RM63.03 million. Loss per share was 2.1 sen versus eight sen. Green Packet said the net loss was lower in the just ended quarter due to an improvement in turnover.

Of the RM100.89 million in revenue, software, devices and engineering services accounted for RM25.56 million, up 169.4% from RM9.49 million a year ago, broadband services and solutions (RM55.16 million or up 37.7% from RM40.07) and communication/voice services (RM20.17 or up 49.6% from RM13.48 million).

“In line with the government initiative to allocate new spectrum, the broadband and voice business segments are projected to be increasingly competitive with expected margin erosion. Nevertheless, the board of directors expects the performance of the group to improve in tandem with the changing market landscape and planned increase in the subscribers base,” it said.

Green Packet’s total borrowings as at Sept 30 totalled RM237.01 million. Its total turnover was the nine-month period was RM277.71 million compared with RM160.99 million while loss per share was RM56.82 million compared with RM81.93 million.

http://www.theedgemalaysia.com/business-news/177158-green-packet-narrows-losses-3q-net-loss-rm137m.html