Thursday, November 29, 2012

Green Packet 3Q net loss narrows on cost control, rise in subscribers

Green Packet 3Q net loss narrows on cost control, rise in subscribers
Business & Markets 2012

Written by Chua Kai Shen of  
Thursday, 29 November 2012 12:13

KUALA LUMPUR (NOV 29): GREEN PACKET BHD [] registered a narrower net loss of RM17.5 million in the third quarter (3Q) ended September 2012, a 28% fall in net loss compared with RM24.3 million in the corresponding quarter in 2011.

Revenue, however, increased 18.9% to RM159.8 million, from RM134.4 million previously.

For the nine months to September 2012, the group posted a net loss of RM50.1 million, on revenue of RM426.3 million. For the January-September 2011 period, the group posted a net loss RM58.6 million, on revenue of RM383.9 million.

Loss per share was 2.50 sen, versus 3.70 sen previously.

Moving forward, the group said data demand in the global and domestic telecommunications landscape will continue to grow.

“The software and devices business is also realigning itself for the new demand in LTE-enabled network systems,” added Green Packet, in a filing to Bursa.

Yesterday, Green Packet announced at a press conference an earnings before interest, taxes, depreciation, and amortisation (Ebitda) of RM9.2 million in the third quarter ended Sept 30, 2012, up 527%. Green Packet registered an negative Ebitda of RM2.2 million in the corresponding quarter of 2011.

“Key reasons to the increase in Ebitdaare the stringent cost control, and the increase in subscriber base for the broadband business,” according Kelvin Lee, general manager of Green Packet.

The total subscriber base for P1’s latest broadband plans and services increased by 38,000. Hence, the cumulative number of subscribers reached 505,000, as of September 2012.

“This exceeded the expectation of 500,000 total subscribers by year-end,” added Lee.

Publish date: 29/11/12

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