Flexiroam announces higher revenue and reduced net loss
By Kiranjit Kaur Sidhu December 14, 2018
- 140% increase in revenue and US$938,172 decrease in net loss
- The company entered positive cash flow territory for the first time this year
FLEXIROAM Limited, Malaysian-based global data solution provider listed on the Australian Stock Exchange, released its half yearly financial results for the period ending Sept 30, 2018. The company reported a net loss of A$1.4 million (US$1.01 million) on the back of A$2.6 million (US$1.87 million) revenue, marking an increase of 140% in revenue and reduction of A$1.3 million (US$938,172) in net loss from the same period last year.
The company reports a solid 64% growth in subscribers and 170% increase in user base compared to the corresponding half year. As at Sept 30, the number of subscribers and users was approximately at 169,000 and 71,000 respectively.
As for cash receipts, Flexiroam experienced a significant 176% rise to A$3.4 million compared to A$1.2 million in the half year ended Sept 30, 2017.
“The company delivered two quarters of consistent improved cash receipts from sales thereby providing additional cashflow for its growth agenda and operational needs,” the report said.
Flexiroam registered a positive cashflow for the quarter ended Sept 30, 2018. The company announced positive net cash flows for the first time in 2Q19 at A$84,000 from improved consumer and corporate sales.
The cash and cash equivalent of the company stands at A$1.6 million as at end of the reporting period. During the period, the company also successfully carried out a private placement that raised A$1.161 million.
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