Green Packet 1Q loss widens despite bigger revenue

Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Tuesday, 21 May 2013 18:32
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KUALA LUMPUR (May 21): GREEN PACKET BHD [] widened its loss
for the first quarter from a year earlier despite more than doubling sales
for its communications services business. The company incurred much
higher finance costs when compared to the previous corresponding
quarter.
In a statement to Bursa Malaysia, Green Packet reported its net loss
for the first quarter ended March 31, 2013 (1QFY13) was RM19.81
million on revenue of RM149.34 million.
In the previous corresponding quarter, its net loss came to RM14.72
million on the back of RM128.17 million in revenue.
Green Packet’s 1QFY13 income statement showed its finance costs for
the quarter was more than three times higher from a year earlier, at
RM13.11 million and RM3.97 million respectively.
The company said its communication services segment’s revenue grew
by 130.3% while its software and devices and broadband services
businesses suffered a decline.
Green Packet said it is cautiously optimistic on its business prospects
for FY13.