MediaRing reports Q1 revenue of US$29.92 million (S$44.88m) and profit of US$0.25 million (S$0.38m)
SINGAPORE, 15 May 2009 – MediaRing Ltd ("MediaRing" or the "Group"), Asia Pacific’s premier IP communication solutions provider of Voice, Data and Computing services, announced its first quarter ("Q1") 2009 results today.
The Group reported a turnover of US$29.92m (S$44.88m) see Note and a Net Profit After Tax ("NPAT") of US$0.25m (S$0.38m) for Q1 2009. Compared to the first quarter of last year, turnover and NPAT declined 15% and 73% respectively amid the slowdown in the global economy. The results included a one time write down of US$0.26m (S$0.39m) from the divestment of the JV in Cambodia.
Commenting on the results, Mr Khaw Kheng Joo, MediaRing CEO, said "The global economic downturn has affected our first quarter results and we have taken every possible measure to minimize operating expenses while at the same time expanding our revenue with our existing customers and in new markets. Our focus on controlling all aspects of operating expenses resulted in expenses declining 18% compared to the first quarter of last year."
"Our VoIP service on mobile phones continues to do well and the usage of this service is growing at a fast pace. This is a compelling service for everyone as it enables our customers to dramatically reduce their mobile phone bill. Our online business branded as MediaRingTalk also continues to grow at a good rate."
"For our Computing Services business, our Utility Computing model continues to have a high level of interest. This model gives our enterprise customers great flexibility in planning their computing capacity needs and limiting unnecessary Capex spending, as they pay only for the capacity used at
any one time. We are positive that the current increased interest will translate into healthy growth for this business. "
The Group’s balance sheet remains strong, with a very significant cash position of US$69.65m (S$104.48m) in cash, cash equivalents and bonds. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for Q1 2009 was US$1.36m (S$2.04m) compared to Q1 2008 of US$1.80m (S$2.70m).
Note
S$ refers to the equivalent amount in Singapore dollar translated based on the approximate exchange rate of US$1: S$1.50. As our reporting currency is in US$, all S$ translated amounts should be used as a guide only.
About MediaRing
MediaRing is a one-stop service provider for Voice, Data and Computing services with a leading edge in VoIP technology. Through its strong technological capabilities and extensive distribution network, MediaRing brings a wide range of high quality Voice services to carriers, enterprises, service providers and consumers worldwide. MediaRing’s Data and Computing services unit offers the innovative Utility Computing, IT Infrastructure Hosting and Outsourcing, Broadband Access, Managed Network as well as various Network Based services.
Since its inception in 1993, MediaRing has grown to become a global enterprise with a strong presence in many key cities around the world. Headquartered in Singapore, we have a network of subsidiaries, branch offices and associates in Kuala Lumpur, Tokyo, Shanghai, Beijing, Cape Town (South Africa) and Sunnyvale, California (USA). MediaRing Limited is listed on the mainboard of Singapore Stock Exchange since 1999 and trades under ticker symbol SGX: M09.
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