SUPERLOOP EDGES CLOSER TO FIRST REVENUE

Written on the 1 September 2015

SUPERLOOP EDGES CLOSER TO FIRST REVENUE

BEVAN Slattery's (pictured) start-up Superloop (ASX:SCL) has hit the ground running since listing earlier this year, confirming it is on track to complete its initial Singaporean and Australian fibre-optic networks in the current quarter.

The company, which posted a bottom-line loss of $1.19 million for FY15, says it expects to start generating revenue soon from its high-speed data services as its rolls out its strategy to become a leading independent provider of connectivity services in the Asia Pacific region.

The company says it has kicked off the activation of cornerstone and new business customer services. It also says contracted recurring revenues will exceed direct monthly network operating costs of the company's existing Singaporean and Australian networks once services begin.

The latest financial result reflects minimal revenue for the company, other than minor interest income, although the result has been buoyed by a $3.4 million exchange-rate gain.

Superloop's highlights of the past year include the company's Hong Kong subsidiary being granted a licence to provide fixed internal telecommunications services in that country.

Slattery, Superloop's executive chairman, also says Superloop has acquired an exclusive 15-year right to 130km of fibre network throughout major Australian metropolitan areas, delivering systems to Brisbane, Melbourne and Sydney.

Broadening its horizons further, the company also secured 120km of underground duct assets connecting major data centres throughout Singapore with a view to eventually reaching other key markets within the region.

"In Q3 CY2015 these networks are expected to be fully operational and will connect key strategic locations within their markets," says Slattery.

"Superloop will continue to assess other Asian markets where it believes similar opportunities exist to expand the business."

The company's operating expenses in FY15 totalled $3.2 million, made up largely of $1.13 million in employee expenses and $1.73 million in professional services.

The company's shares, which were issued at $1 each and have risen as high as $2.48, have a net asset backing of 55c.


Latest News

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter