Green Packet posts RM50.32 million net loss in April-June quarter

PETALING JAYA: Green Packet Bhd reported a net loss of RM50.32 million for the April to June period, due to tax dispute settlement for the software and devices business, and higher finance cost from the broadband service business. Its 18-month cumulative losses from January 2013 until June 2014 stood at RM118.03 million.
Revenue for the quarter under review was RM72.47 million while18-month revenue stood at RM430.17 million.
In a filing with the stock exchange, Green Packet said the losses were due to lower contribution from both the software and devices business and the broadband services business.
"The broadband services business recorded lower subscribers of 490,000 registered in 2Q14 against 553,000 subscribers in 2Q13," it added.
However, on a positive note, earnings before interest, taxes, depreciation and amortisation (ebitda) for the second quarter increased to RM26.57million from RM9.39million in the previous corresponding period, attributed mainly to stringent cost management activities.