SUPERLOOP EDGES CLOSER TO FIRST REVENUE

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Hospitality mogul Glenn Piper to transform Hook Island into "world class hospitality experience"

Hospitality mogul Glenn Piper to transform Hook Island into "world class hospitality experience"

Sydney hotelier Glenn Piper has snatched up his third hospital...

Super fund HESTA "unconvinced", to vote against AGL demerger

Super fund HESTA "unconvinced", to vote against AGL demerger

Superannuation fund HESTA is backing the position of Australian tec...

Airtasker completes Oneflare acquisition after ACCC withdraws concerns

Airtasker completes Oneflare acquisition after ACCC withdraws concerns

Leading online services marketplace Airtasker (ASX: ART) has comple...

Superloop set to buy tech services firm Acurus for $15m

Superloop set to buy tech services firm Acurus for $15m

After completing $140 million worth of divestments from Singapore a...