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Superloop reports first financial figures since ASX float

Superloop reports first financial figures since ASX float

Results consistent with development and construction of business, Superloop said.

ASX-listed dark fibre infrastructure provider, Superloop (ASX:SLC) has made an operating loss before tax of $1.19 million and a statutory net loss after tax of $1.19 million for the 2015 financial year ending June 30.

The company said the results were consistent with the construction and development phase of the business.

Superloop began trading on the ASX in June and has since been in the process of completing its Singaporean and Australian networks.

Its fibre optic telecommunications network infrastructure was still being completed at the end of the financial period, so no customer revenue was recorded, Superloop stated.

Superloop CEO, Daniel Abrahams, said it remains confident that the networks will be completed before the end of September.

“We’re making rapid progress and we remain confident on the upside of that,” Abrahams said.

Operating expenses were $3.3 million, which mostly comprised of employee expenses and professional services.

Realised foreign exchange gain of $3.4 million was related to the funding and acquisition of the Singapore duct network.

Despite the downward figures, Superloop highlighted a number of key operational milestones during the financial year, including delivering Brisbane and Melbourne core networks; delivering and activating the primary fibre path in Sydney - the redundant path is under construction and due to be finished in the third quarter.

It commenced service provisioning and activation to Australian customers, appointed fibre construction project managers, provisioning engineers, geographical information systems specialists, sales and marketing professionals, legal, corporate and finance staff.

Superloop has about 17 staff and that may grow to about 25, Abrahams said.

Within its Singapore network, it acquired about 120kms of underground duct assets connecting major data centre and submarine cable landing facilities; currently constructed 111kms of fibre; activated the first customer services in Singapore between Global Switch and Equinix;

It has also hauled, spliced and tested 92kms of a planned initial 110km of 624 core fibre optic cable through the duct network since April to June 30; and received formal confirmation to construct 80kms of fibre, conditional to its telecommunications license.

Superloop also established a Network Operations Centre with 24/7 monitoring of Australian and Singapore networks. A new office will be underway to help service customers with a local sales team and it is also assembling a local professional team focused on completing construction.

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