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Record losses in 2Qo8 from continued heavy investments into broadband business
KUALA LUMPUR, 20 August 2008 - On the back of the successful launch of WiMAX commercial services by its subsidiary company and WiMAX operator arm Packet One Networks (Malaysia) Sdn Bhd (P1), Green Packet Berhad (Green Packet) today reported revenue and loss after tax and minority interest (LATMI) of RM22.45 million and RM4.90 million respectively.
The LATMI was mainly attributable to the substantially higher operating cost incurred for the Group’s converged telecommunications business unit with intensive level of promotional activities preceding launch.
Group Managing Director and Group CEO, Puan Chan Cheong (CC Puan) said, “Establishing a converged telecommunications services pillar is without a doubt capital intensive, and will impact on the Group’s short and mid-term profits. However, with the launch of P1 WiMAX commercial services in the 802.16e 2.3 GHz band, ahead of our competitors and setting a historic mark as the first in the Asia Pacific, P1 will begin contributing to the Group’s revenue.
“However, as with any infrastructure business, we do not expect to see profits the next day. We must allow for the gestation period for P1 to acquire a substantial subscriber base for its revenue contribution to have any incremental value to the Group, anticipated to be from 2009 onwards.”
CC Puan said, “The 2008 financial year will remain challenging moving forward with continued heavy investment into actively rolling out WiMAX services and to solidify our footing in new markets for the Solution business. Despite the challenges, the Group remains to be optimistic about our future prospect, as we are executing aggressively and on plan."
The Group has further streamlined and consolidated its business pillars with focus on the networking solution business and the converged broadband services, and is assessing the long-term viability of its investments in non-core associated companies.
About Green Packet Berhad (Green Packet)
Green Packet is a leading developer of Next Generation Mobile Broadband Networking Solutions. The company's mission is to provide a seamless and unified platform for the delivery of user centric multimedia communications and services regardless of the nature and availability of backbone infrastructures.
As a mobile broadband networking solutions developer, Green Packet brings forth best-of-class technologies, devices and services to simplify and enhance connectivity and communications.
To fulfill a wide array of targeted needs of its varied market and user segments, Green Packet employs two key business pillars:
Pillar 1: Products & Solutions
Targeted to mobile enterprises, mobile workgroups, telecommunications and Internet Service Provider, Green Packet is a one-stop shop providing end-to-end products and solutions to fulfill all Information Technology and Communications needs. Tailored to the requirements of each market segment, its offerings include the Self Organising Network (SON) products and solutions, online camera surveillance systems, project management engineering services and consultant services.
Pillar 2: Converged Telecommunications Service Provider
Aimed at enterprises, small and medium enterprises (SMEs), residential and end-consumers, Green Packet through its subsidiary and WiMAX arm, Packet One Networks (Malaysia) Sdn Bhd (P1) delivers advanced wireless connectivity serving up an impressive range of converged broadband services in the form of connectivity, communications, contents and services.
For more information, please log on to: www.greenpacket.com | www.p1.com.my
Media Contact:
Shirley Ah Yong
Corporate Communications Manager
Green Packet Berhad
Tel: +603 8996 6022 (ext: 323)
Mobile: +6012 2332 405
Email: shirley.ahyong@greenpacket.com
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