Green Packet narrows loss to RM 5.53mil

PETALING JAYA: Green Packet Bhd has narrowed its second quarter net loss to RM 5.53mil, compared with RM 31.76mil a year ago.

The communication and technology services company, posted a second quarter revenue of RM8 2.69mil, up 7% from RM 77.53mil in the corresponding quarter of 2016.

Its software and devices business posted a 44% increase in revenue to RM 27.38mil against RM 19.03mil in the same period last year. The group said its earnings before interest, tax, depreciation and amortisation for the quarter stood at RM 1.77mil, down 59% from RM4.36 a year ago.

Green Packet said its software and devices business registered higher sales in the current quarter compared to a year-on-year basis mainly due to higher devices shipment to major customers in the Middle East, which offset the drop in shipment to local customers in the current quarter.

However, the company said its communication services business recorded a slightly lower revenue of 6% to RM 55.04mil in the second quarter compared to the previous year-on-year mainly due to slightly lower international voice traffic to Indonesia and Myanmar.

In the first six months, Green Packet’s net loss stood at RM1 0.9mil on revenue of RM 162mil.

Green Packet said its board was mindful of the changing market and technology landscape affecting the group’s business in the years ahead and was therefore continuously instituting efforts to improve the performance of the group.

Its efforts included securing a greater geographical reach in markets for new LTE products, expanding of wholesale voice traffic and grow the wholesale data services, investing in new growth areas such as Internet of Things and e-services platform and upselling new media devices and platform developed by its associate company.

Shares of Green Packet last traded one sen down to 32.5 sen.