VOIP provider MediaRing reports 67.6% jump in revenues in 2004 to S$87.8M and 89.4% reduction in net loss to S$0.7M
March 1, 2005
SINGAPORE -- Mainboard-listed MediaRing Limited (“MediaRing”), the leader of pure-play VoIP telephony service providers in Asia, today reported a profitable 2H on record turnover. 2H Turnover surged by 53 % and the company achieved profitability for the first time.
Indeed, before foreign exchange loss, the Group achieved a 2H profit of S$1.6 million on sales of S$48.3 million compared to 1H loss of S$1.3 million on sales of S$39.5 million.
Financial highlights for the full year 2004 include:
67.6% increase in group revenue to S$87.8 million, from S$52.4 million in FY2003;
89.4% reduction in net loss to only S$0.7 million against net loss of S$6.7 million in FY2003;
“We are greatly encouraged by our performance in the second half of the financial year where we managed to achieve a profit for the first time. We definitely see light at the end of the tunnel now,” said Mr Khaw Kheng Joo, Chief Executive Officer of MediaRing.
During the year, revenue was significantly boosted by its VoIP operations consisting of PC-to-Phone retail services and Carrier Operations. MediaRing also continued to expand its marketing and distribution network and now has more than 1,100 resellers and partners in more than 100 countries.
In number terms, call traffic volume rose 57% to 665.4 million minutes generating more than 60 million minutes of traffic a month from October 2004. VoIP call traffic accounted for more than 90%.
Results for FY2004 included foreign exchange loss of S$1.0 million, up 46% from S$0.7 million in FY2003 due to a weakening in the US dollar in the second half of 2004. Before the foreign exchange loss of S$1.0 million (FY2003 : S$0.7 million), the Group achieved a net profit of S$0.3 million in FY2004 as compared to a loss of S$6.0 million in FY2003.
Outlook
With the rising acceptance of this technology by leaders in the telecommunications industry, global VoIP traffic is expected to continue to show significant growth.
“We are confident that with our focus on providing VoIP services, we will be able to ride on this growth momentum,” said Mr Khaw.
Barring any unforeseen circumstances, the Group believes it will be able to continue to grow existing revenue streams and further improve financial performance in 2005.
MediaRing Ltd.
You May Also Like
