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GreenPacket Losses Shrink on Higher Revenues
Published on:
Malaysia based wireless equipment vendor and network operator, GreenPacket has announced that its second-quarter revenues rose by 8 percent to reach RM138 million (US$44.1 million), while its net loss shrank to RM32.7 million (US$10.5 million) from RM37 million a year ago.
The company however managed to post a positive EBITDA of RM4.3 million, a 191% improvement year-on-year.
"We are pleased that Green Packet's subsidiary, P1, has been transformed into a total-integrated broadband operator with fixed, wireless broadband and fibre optics. It has also gained 9,000 broadband subscribers this quarter and reached 410,000 subscriber base," said Puan Chan Cheong, Group Chief Executive Officer and Group Managing Director of Green Packet Berhad.
In addition, P1 has acquired 20,000 voice subscribers this quarter and currently has 50,000 voice subscribers. P1 is expected be on track of hitting its 500,000 total subscribers target by year-end.
As for the Greenpacket Solutions division, it posted a flat growth with a revenue of RM21 million in the second quarter of 2012. This is expected due to the challenging WiMAX market conditions in the light of the latest LTE developments.
The continuing improvement in the Group's results have also drawn some interest from a consortium led by investment firms Kendall Court and Leafgreen Capital which recently invested some US$ 51 million into the P1 mobile network to fuel its expanding network and customer acquisition activities in Malaysia.
Puan said the Group has stayed focus and is on the right track to achieve its transformation plan. "We have effectively managed our expenses and successfully positioned ourselves to capitalise on a growing demand for better broadband services and products."
Tags: [greenpacket] [Malaysia]
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