Green Packet reports higher revenue and better EBITDA in Q3

• Group revenue for Q3 2012  of RM159.8 million – an increase of 19% YoY
• Exceeds 500,000 total subscriber from last quarter’s 467,000

GREEN Packet Bhd reported higher revenue of RM159.8 million in its third financial quarter, a 16% rise from RM138.3 million in quarter-on-quarter comparison. It also registered a better-than-expected RM9.2 million EBITDA in Q3, 114% up from previous quarter’s RM4.3 million.
 
It has recorded three consecutive EBIDTA positive quarters throughout this year, the Group said in a statement. [RM1 = US$0.33].
 
“It has been a good quarter for Green Packet against the backdrop of an overall lackluster period for the industry,” said Puan Chan Cheong, Group chief executive officer and Group managing director.
 
“We kept on saying the Group would turn around and transform this year and so far we have delivered on this objective. We believe the positive trend will continue if we remain financially-disciplined in our operations and by applying stringent cost controls,” he added.
 
The Group’s P1 pillar contributed RM82 million to the Group’s revenue and registered a positive EBITDA of RM8.4 million for the third quarter 2012. This represents a 182% improvement year-on-year (YoY) from the loss reported previously.
 
An additional 38,000 customers signed up for P1’s latest broadband plans and services, lifting total number of subscribers to 505,000 as at end of September 2012. It has thus exceeded the expectation of 500,000 total subscribers target by year-end and reached its new milestone of 500,000 subscribers ahead of target, the Group said.
 
It also posted a better than industry average churn rate of 2.7% and a favorable ARPU (average revenue per user) of RM78.
 
“P1 is successfully leveraging its unique strategic position as a nationwide, full-fledged fixed, nomadic broadband and fiber optics operator with nearly 1,800 base stations throughout Malaysia,” said Puan.
 
“It has continued to invest in transformational initiatives and networks, especially with the newly launched 4G broadband in suburban areas and its new venture in Kota Kinabalu, Sabah, while delivering strong revenue performance,” he added.
 
Its Greenpacket Solutions pillar reported higher revenue of RM41 million, a 95% jump from last quarter' RM21 million. The growth was contributed by the device business as Greenpacket Solutions has steadily increased market reach and completed several device shipments this quarter.
 
Furthermore, the continuous increase of activities in emerging and developing markets in the Middle East and Africa region contributed 34% to the business growth.
 
P1 was also appointed to the Global TD-LTE Initiative (GTI) Steering Committee, which is the decision-making board for the 4G TD-LTE (Fourth Generation Time Duplex Long-Term Evolution) technology global movement.
 
“Since 2008, Green Packet and P1 have been working tirelessly to shape the 4G broadband industry with WiMAX products and services. Now, we will join the ranks of the highest decision-making board in TD-LTE technology,” Puan said.
 
“We will steer the TD-LTE ecosystem as a major standard in mobile broadband technology and drive early development of next generation mobile broadband networks,” he added.
 
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P1 appointed to TD-LTE steering committee