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To: MoneyMade who wrote (54571)	2/11/1999 9:48:00 AM
From: Frost Byte	Read Replies (3) \| Respond to of 119973

PCNTF (Pacific Internet)...news from Bloomberg this morning...hasn't hit the wires yet (remember GERN?): Pacific Internet Expects Profit in 4th Qtr to Exceed S$4 Mln Pacific Internet Expects Profit in 4th Qtr to Exceed S$4 Mln Singapore, Feb. 11 (Bloomberg) -- Pacific Internet Ltd., which last week became Asia's first Internet-related company to trade in the U.S., expects profits in its fourth quarter to exceed the S$4 million ($2.4 million) it chalked up in the third. ''In Asia, the Internet penetration is actually very low (and) the opportunity for growth is very high,'' Chief Executive Nicholas Lee said in an interview. The final quarter's profit will give PacNet its first full- year profit in at least four years. PacNet, a unit of one of Singapore's biggest industrial groups, SembCorp Industries Ltd., started trading its shares in the U.S. Friday. Its shares rose more than five times its offer price of $17 a share in the first hours of trading. It rose 5 1/2 to 35 Wednesday. Lee said PacNet -- one of the three Internet service providers in Singapore -- expects business to continue to expand in spite of Asia's economic turmoil as more companies turn to the Internet for a cheaper way to communicate. PacNet plans to expand into India and Australia this year, either through acquisitions or setting up new companies. Taiwan, South Korea and China will follow. It has Internet operations in Hong Kong and Philippines. ''The majority of our user base will not be in tiny Singapore, but across the region -- with three million people in Singapore, how big can you get, right?, '' Lee said. PacNet competes in Singapore with SingNet, the Internet unit of Singapore Telecommunications Ltd., the dominant phone company, and CyberWay, a unit of StarHub Pte., which will offer fixed and mobile phone services on the island starting April 2000.