GPacket narrows losses to RM5.53mil in 2Q

KUALA LUMPUR: Green Packet Bhd has narrowed its second quarter net loss to RM5.53mil, compared with RM31.76mil a year ago. 

The communication and technology services company, posted the second quarter revenue of RM82.69mil, up 7% from RM77.53mil in the corresponding quarter of 2016.

Its software and devices business posted a 44% increase in revenue to RM27.38mil against RM19.03mil in the same period last year. The group said its Ebitda for the quarter stood at RM1.77mil, 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 year on year basis mainly due to higher devices shipment to major customers in Middle East, which offset the drop in shipment to Malaysia’s customers in the current quarter.

However, Green Packet said its communication services business recorded a slightly lower revenue of 6% to RM55.04mil in the second quarter as 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 RM10.9mil on revenue of RM162mil.  

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, expending 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.