Primus turns a profit

Primus Australia has announced a net profit of $25.3 million for the year ending December 2002, continuing its run of positive earnings and solidifying its position on the country’s top-tier telco list.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2002 rose nearly two-fold to $73.9 million, buoyed by strong performances in the Internet, data and consumer divisions.

The recent figures compare to a loss of $2.4 million in 2001.

Managing director and CEO of Primus Australia, Greg Wilson, said: "The success of our more aggressive marketing campaigns has allowed us to make solid inroads into the consumer and business markets with value added products and improved margins from a range of attractive new offerings.”

The company reported a fourth quarter 2002 operating EBITDA of $21.2 million, an 83 per cent increase on $11.6 million reported for the same period in 2001, and a 6 per cent increase on $20 million in the third quarter of 2002.