Green Packet continues to deliver improvements in its financial results
PETALING JAYA: Green Packet Bhd ( Green Packet) announced its second quarter result for the financial year ending December 31, 2017 (2QFY17) with a revenue of RM82.7 million and a significantly lower loss after tax (LAT) of RM3.6 million or 89 per cent lower as compared to RM32.7 million LAT in 2QFY16.
Excluding the finance costs which are notional in nature as no cash payment is required, the group would have register an adjusted profit after tax of RM0.5 million in the current quarter as compared to an adjusted LAT of RM28.7 million in the previous year corresponding quarter.
“The group is committed to continue delivering value to our shareholders by focusing on our core revenue pillars which are our software and devices and communication services divisions.
“At the same time, the group had launched key initiatives in 2017 to enable new revenue streams eservices including the Fintech and Internet of Things ( IoT) platform which are complementary and synergistic to the existing core business pillars.
“We are working hard to launch these new business segments which will significantly strengthen Green Packet’s income stream in the future,” commented Green Packet chief executive officer and executive director Tan Kay Yen
In respect of the group’s first half fiscal year ending December 31, 2017 (1HFY17), the revenue and LAT were reported at RM162 million and RM9 million respectively.
This represented an improvement, with LAT 33 per cent lower compared to its corresponding cumulative first half period for FY2016 which registered a revenue of RM165.1 million and LAT of RM13.4 million.
Excluding the notional finance costs, the group would have registered an adjusted LAT of RM0.9 million in the current first half fiscal year as compared to an adjusted LAT of RM5.4 million in the previous year corresponding period.
The group’s earnings before interest, tax, depreciation and amortisation ( EBITDA) for the quarter came in lower at RM1.8 million versus RM4.4 million in 2QFY16. However, this is due to several factors including exceptional gains of RM2 million for the comparison 2QFY16 for the software and devices segment due to write back of inventories, and start-up cost of the e- services segment which was contained to approximately RM1 to RM1.2 million.
Therefore, excluding these exceptional items, the core businesses of software and devices and communication combined EBITDA of RM2.8 million is 17 per cent higher than RM2.4 million EBITDA for 2QFY16.
Excluding the exchangeable medium-term notes which are notional in nature and may be exchanged for Green Packet’s ownership of Webe shares in 2022, the total debt was only RM0.9 million.
This translated to a net cash of RM82.2 million or 11.4 sen per share as at 2QFY17.