Green Packet revenue rises 7pc to RM82.7m in Q2

KUALA LUMPUR: Information and communications technology player Green Packet Bhd second quarter revenue ended June this year of RM82.7 million was seven per cent higher than RM77.5 million posted a year ago.

The company also narrowed its losses 89 per cent to RM3.6 million from a bigger loss of RM32.7 million a year ago.

Excluding the finance costs, which are notional in nature, as no cash payment is required, the firm said it would have registered an adjusted RM500,000 net profits in the current quarter, compared with an adjusted net loss of RM28.7 million in same period last year.

For the first six months ended June this year, revenue and net loss were reported at RM162 million and RM9 million, respectively.

This showed improvement, when compared with revenue of RM165.1 million and net loss of RM13.4 million registered by the mobile data offloading solutions provider previously.

“We’ve launched key initiatives this year to enable new revenue streams in EServices, including the financial technology and Internet of Things (IoT) platform, which are complementary and synergistic with the company’s current core business pillars,” said Green Packet chief executive officer and executive director Tan Kay Yen.

Earnings before interest, tax, depreciation and amortisation (Ebitda) for second quarter came in lower at RM1.8 million versus RM4.4 million in same period last year.

This is due to exceptional gains of RM2 million for the software and devices segment, writeback of inventories and start-up cost of the E-Services segment, which was contained to about RM1 million to RM1.2 million.

He said excluding the exchangeable medium-term notes, which were notional in nature, and may be exchanged for Green Packet’s ownership of Webe shares in 2022, the total debt was only RM900,000.

This translated to a net cash of RM82.2 million, or 11.4 sen per share as, in the second quarter of the 2017 financial year, which is a very high cash balance for the mobile data offloading solutions provider.

“We are working hard to launch these new business segments, which will significantly strengthen Green Packet’s income stream in the future,” said Tan.