Sunday, 2 October 2011

GPacket: Don't Make Shareholders Potong Stim

Though making net loss in 13 of its 14 latest quarters, OSK Ventures still has confidence in Green Packet. Amid of the recent public sell down, OSK Ventures recently acquired 15 million shares of GPacket, to increase its stake in the company from 16.23% to 18.51%.

GPacket has been in the news for the wrong reason for the past 3 years since making a decent start in its listing career. It has plunged into making losses since year 2008. Its share price also slide from RM1.50 to RM0.50 in just two years time.

Recently the public may be thinking more of GPacket again, as they fiercely advertise their P1 4G service on the media, with the new theme of "Potong Stim", after the much debatable "Sudah Potong?" theme few years back.

GPacket looks like a company that leads the latest telecommunication technology in Malaysia. Although they make 10 consecutive quarterly loss, their revenue is actually increasing for 12th consecutive quarters, from RM18mil in 2008Q3 to RM128mil in 2011Q2!

RM mil

Revenue Net Profit
2008 Q1 22 -3
Q2 22 -5
Q3 18 -10
Q4 25 37
2009 Q1 41 -22
Q2 56 -28
Q3 63 -32
Q4 73 -94
2010 Q1 87 -44
Q2 90 -36
Q3 101 -14
Q4 116 -78
2011 Q1 122 -19
Q2 128 -15

After countless empty promises of breakeven by its CEO, can GPacket really turn the table around by next year, and continue to soar from there?

From The Edge


KUALA LUMPUR: OSK TECHNOLOGY Ventures Sdn Bhd raised its shareholding in GREEN PACKET BHD to 18.51% with the recent acquisition of 15 million shares from Sept 23 to 29.

A filing with Bursa Malaysia showed OSK Ventures acquired 7.50 million shares on Sept 23, 2.5 million shares on Sept 26 and five million units the next day.

The recent acquisitions raised its shareholding in the loss-making company to 120.90 million shares or 18.51%.

Green Packet posted losses of RM15.24 million in the second quarter ended June 30, 2011 vs losses of RM18.68 million a year ago. For the first half, net losses were RM34.24 million.


No comments:

Post a Comment