Green Packet reports Q1 revenue of RM128mil, up 5% YoY

• Q1 2012 group EBITDA of RM3.9mil, up 153%
• Revenue from P1 pillar up 52% Y-o-Y
 
Green Packet Berhad reported its first quarter financial results for 2012 with revenue as of March 31 2012 increasing by 5% Year-on-Year to RM128 million (US$40.86 million).
 
The Greenpacket Solutions pillar contributed RM22 million (US$7.02 million) and the P1 pillar posted a new high of RM85 million (US$27.13 million).
 
It had earlier reported Group annual revenue of RM540 million (US$172.36 million) for 2011, with fourth quarter revenue of RM156 million (US$49.79 million).
 
Green Packet also reported an improved Group EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of RM3.9 million (US$1.24 million), a 153% jump Year-on-Year, with the P1 pillar contributing approximately 85% (RM3.3 million or US$1.05 million) to the Group’s total EBITDA.
 
The Group’s positive earnings for this quarter came on the back of continuous revenue growth via an increased subscriber base, coverage area expansion and stringent cost management, Green Packet said in a statement.
 
“The Group’s latest results and in particularly the positive financial performance of its P1 pillar, is an important milestone for us,” said Puan Chan Cheong, Green Packet group chief executive officer and group managing director.
 
The Group’s Greenpacket Solutions pillar develops software and devices for telecommunications operators. In Q1, it closed approximately RM22 million in deals consisting of 90,952 CPEs (customer-premises equipment terminals) and 62,437 software license sales.
 
Among the big wins Green Packet touted was one that saw it developing solutions for PCCW’s 8,000 hotspots in Hong Kong to integrate thousands of Wi-Fi hotspot with China Unicom’s operations in Shanghai, allowing operators to automatically and seamlessly switch subscribers between mobile and Wi-Fi networks. Financial terms were not disclosed.
 
The P1 pillar, which operates its WiMax wireless broadband business, increased its subscriber base to 401,000 (from 356,000 and 388,000 in the 2011 third and fourth quarter respectively) with its network now covering 53% of Malaysia’s population, the Group said.
 
In a media briefing earlier this year, Puan said the Group was aiming for 65% nationwide coverage by the end of this year.
 
“We will continue to develop innovative products and value-for-money services to cater to the different customer markets. Such initiatives can be seen in P1’s fiber offering – “Fiber by P1”, which is a strong product proposition for the heavy user and SME market,” he added.