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Pacific Internet reports Q3 profit

By Irene Tham, CNET on November 11th, 1999

Summary

update Nasdaq-listed Pacific Internet reported an unexpected profit of S$275,000 for its third quarter which ended Sep 30.

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update SINGAPORE--Nasdaq-listed Pacific Internet reported an unexpected profit of S$275,000 for its third quarter which ended Sep 30.

Analysts had estimated that the Singapore-based Internet service provider would--at best--break even this quarter.

The profit is an improvement over the second quarter, when it lost S$960,000, but it is still a steep drop from the S$3.6 million profit it reported in the same quarter last year.

Said PI chairman Chan Wing Leong: "The third quarter is an improvement in that we made a small profit compared to the loss in the last quarter, leading me to hope that we will round off the year in positive profit territory."

Earnings per share dropped to S$0.02 from S$0.35 cents last year.

Total net revenues only increased marginally to S$22.1 million from S$19.3 million last year.

For the nine months ended September, PI made a net profit of S$2.1 million, a drop from S$9.4 million in the same period last year. Net revenues, however, increased to S$59 million from S$52 million.

Singapore contributed 72 percent to its revenues. Hong Kong and Australia contributed 17 percent and 11 percent respectively.

The company's dial-up subscribers at the end of September increased 43 percent to about 268,000 from about 187,000 in September last year. Compared to the second quarter of this year, the subscriber base increased 13 percent.

Corporate leased lines subscribers increased 30 percent to about 1,300 from 900 in the last quarter.

PI chief executive Nicholas Lee said the coming quarter would be an important one.

Said Lee: "The coming quarter is a milestone as we transit from a pure play [Internet service provider] to telephony and e-commerce services."

The company will leverage on its nearly 270,000 subscribers in five key countries to build business alliances and roll out e-commerce related products, he said.

"In the next three years, e-commerce revenues could well be double what our [Internet] access revenues are today." It is now less than 1 percent of the total revenues.

The company also plans to launch call back in Singapore in December. It will later be rolled out to other countries where it has operations.

Come December, PI will officially launch its Internet operations in Bombay and New Delhi to tap the burgeoning market there. Bangalore and Madras operations will be launched in January or February, said Lee.

Commenting on Telecommunication Authority of Singapore's (TAS) conclusion that SingTel did not illegally cross-subsidize SingNet's toll-free lines, Lee said: "That is not the end of the matter. We are still in discussion with the TAS."

Related news stories
•  IDC says PI's e-commerce plans expected October 12 1999
•  TAS sticks to its guns on 'sugar daddy' controversy October 20 1999
•  PI makes new board appointments October 21 1999
•  Philip Yeo unconvinced that SingNet has no 'sugar daddy' October 19 1999
•  Pacific Internet reports Q2 US$0.56m loss August 11 1999

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