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Green Packet stays in red with RM14m loss for 3Q

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Green Packet stays in red with RM14m loss for 3Q Empty Green Packet stays in red with RM14m loss for 3Q

Post by Cals Tue 26 Nov 2013, 05:15

Green Packet stays in red with RM14m loss for 3Q
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 25 November 2013 20:31
KUALA LUMPUR (Nov 25): Green Packet Bhd’s net loss narrowed down to RM14 million in the third quarter ended Sept 30, 2013, from a loss of RM18 million a year ago. 

The third quarter loss was also smaller than loss of RM20 million in the second quarter this year.

Green Packet’s revenue fell to RM142 million from RM160 million.

In a statement to Bursa Malaysia, the integrated mobile broadband player said the loss was due to higher finance costs.

The firm said the lower revenue was attributed to a lower quantity of devices shipped against the bumper quarter of 3Q FY12, where large backlog of orders were shipped.

It also said the lower revenue was primarily due to low contribution of upfront fee, bulk project deals and USP revenue.

For the nine-month period, losses accumulated to RM54 million from a loss of RM50 million a year earlier, while revenue stood at RM442 million versus RM426 million in the previous corresponding quarter.

On prospects ahead, Green Packet said: “We are increasing efforts in customer retention and improving network quality to maintain its subscriber base despite the market landscape continuing to remain competitive for the broadband services business.”
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