A little more info. Will it gap up?
Pacific Internet Q1 net profit up-paper
May 12, 1999 10:30 PM
SINGAPORE, May 13 (Reuters) - U.S.-listed Internet Service Provider Pacific Internet's net profits surged 134 percent to S$2.8 million in the first quarter, thanks to strong growth in its subscriber base, The Straits Times reported on Wednesday.
The group's gross revenue in the first quarter rose 37 percent to S$20.5 million from a year ago.
Dial-up access revenue grew 31 percent to S$14.8 million, while sales in leased-line access soared 45 percent to S$3.6 million.
Value-added services totalled S$984,000, compared with S$522,000 previously. The dial-up subscriber base grew 50 percent to 217,014 from 144,852 a year ago.
PacNet made provisions for its TollPlus scheme, which gives users a rebate of 45 percent for every hour on-line. The provisions left the group's turnover at S$19.4 million.
"This year should see a squeeze in margins due to increased competition and expansion costs, but we'll keep our focus on shareholder value," the paper quoted Chairman Chan Wing Leong as saying.
The unit of SembCorp Industries Ltd , which saw competition at home affecting earnings, plans to build its regional businesses while defending and expanding home markets.
Key markets included Australia where Pacific Internet was preparing for its organic start-up and doing due diligence on a number of possible Internet Service Providers for acquisitions.
"It is expected we will acquire one or more of these this year," Chan said.
The group was also studying new markets like India, South Korea and China.
The Straits Times said the company has been allowed by Singapore authorities to conduct trials on voice over Internet protocol that would enable customers to make phone calls over the Internet at a cheaper rate.
Its Hong Kong unit Pacific Supernet has received a one-year licence, renewable annually, to market this service and a launch would be announced soon.
|
