| Rating: | ★★★★ |
| Category: | Other |
Under its “Converged Services” pillar it successfully launched its P1 WiMAX service in Malaysia in August 2008. It has also completed its restructuring of its products and solutions portfolio in line with its market focus on international and global service providers and chipset manufacturers.
GPB continues its international market development with the re-organisation of its Middle-East office in Bahrain, the opening of an office in Thailand and strengthening of its offices and teams in China, Taiwan, Singapore, Australia and the USA.
Puan Chan Cheong (CC Puan), Group Managing Director and Group CEO, commented, “Our capacity and infrastructure investments are on track and within budget. P1 WiMAX subscriptions will reach the significant milestone of registering 250,000 customers by the end of 2009 and the expansion of our related products and solutions business, both in Malaysia and internationally, will see combined revenues grow considerably during the course of 2009. We should see a return to profit between Q4 2009 and Q1 2010. And this is after taking into account any impact from the current financial environment.”
When commenting on its 2008 full year financial results which showed losses after minority interests (LATMI) of RM54.98 million on the back of revenue of RM88.43 million, CC Puan pointed out, “The results reflect our investment in future capacity and are largely in accordance to plan. On the domestic front, we are positioning the business to be a major provider of broadband services as the market matures from a PC: Broadband ratio of 5:1 to about 2:1. This will ultimately see P1 in Malaysia grow to be a billion+ ringgit business.”
“On the international front, our leadership in developing in-house value added services such as WLAN Convergence and customer-management (ARPU-enhancing) solutions as well as our related products such as WiMAX access points and repeaters will see substantial demand as other WiMAX operators begin to roll out their infrastructure across the world. As a global first-mover we are positioned to offer back to the global market the software, hardware and intellectual property we have had to develop for ourselves in order to so successfully roll out in Malaysia,” said CC Puan.
“To ensure we are in a position to deliver to theses opportunities, we have to invest now to maximise the long term returns” he added.
GPB share price is currently trading at a discount of 3.7% to its Net Assets of RM424.3 million or RM1.03 per share.
It has completed capital investments to date totaling RM170m and has budgeted additional capital investment of RM270m to complete Phases 1 and 2 of its WiMAX implementation plan. It currently has cash and facilities available of RM319m, seeing it in sound corporate standing for the year ahead.
No comments:
Post a Comment