Green Packet posts net loss in Q4 on higher business development costs, weaker earnings

PETALING JAYA: Green Packet Bhd saw a net loss of RM2.62 million for the fourth quarter ended Dec 31, 2017 compared with a net profit of RM451,000 a year ago due to higher business development costs incurred to build the digital services business, and weaker earnings before interest, depreciation, tax and amortisation from the software and devices and communication services business.
Its revenue fell 11% to RM97.79 million from RM109.66 million in the previous year's corresponding quarter as the software and devices business registered 53% lower sales in the current quarter.
For the full year period, it saw a net loss of RM16.62 million compared with a net profit of RM70.69 million in the previous year; while its revenue dropped 3% to RM356.97 million RM366.25 million mainly due the software and devices business that saw lower sales.
The company is continuing to pursue efforts to improve the performance of the group, including securing greater geographical reach in markets for new long-term evolution (LTE) products; expanding the wholesale voice traffic and grow the wholesale data services; invest in new growth areas such as Internet of Things and digital services platform; and upselling new media devices and platform developed by its associate company, Shenzhen Memo Technology Co Ltd (Memohi) to its customers in Asean.
The stock was down 1.5 sen to 48 sen, with some 27.2 million shares changing hands.