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MediaRing Turned in a Profitable 2H and Achieved
a Record Turnover
- 2H net profit of S$0.4m as against 1H loss
of S$1.1m
- Full Year Revenue surged 67.6% to S$87.8
million
- Full Year Volume up by 57% to 665.4 million
minutes
Singapore, Feburary 28, 2005 - 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.
About MediaRing
With offices in Singapore, Malaysia, Shanghai,
Beijing, Hong Kong, Taiwan, Japan and Sunnyvale (USA), MediaRing
is a recognized global telecommunications services provider that
enjoys a dominant share of the global VoIP market. Through its strong
technological capabilities and extensive distribution network, MediaRing
brings high-quality voice services to carriers, enterprises, service
providers, and consumers with its wide range of product offerings.
Its extensive network of distribution partners, resellers, ISP providers
and carriers allows call terminations in more than 240 countries
worldwide. As a pioneer in VoIP services with unique proprietary
technology, MediaRing derives more than 90 per cent of its revenue
from outside Singapore.
Public Relations Contact
For further information please contact:
August Consulting
Tel: 6733 8873 Fax: 6733 9913
Silvia HENG– silvia@august.com.sg
Yiting FOO– yiting@august.com.sg
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