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2degrees Posts Wider Loss on Higher Revenues
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New Zealand's smallest mobile network, 2degrees has reported a rise in its full year lossed of NZ$92.6 million, compared to a loss of NZ$73.9 million in 2010.
However, operating revenues rose by 72 percent to reach NZ185.4 million. The company expects to break into EBIT profit this year, but will still reporting net financial losses, having already accumulated losses of NZ$247.4 million since its delayed launch in 2009.
The company said it is still on target to break into net profit within five years of launching its servives.
Service revenues nearly doubled to NZ$152.8 million while equipment and other revenue rose to NZ$32.6 million, from NZ$21 million a year ago.
The company also expects to sign up its 4 millionth customer at some point this year.
Tags: [2degrees] [New Zealand]
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