Despite a massive jump in revenues, Access Providers recorded a net loss of $588,000 for the 12 months ending June 30.
The ASX-listed wireless ISP recorded revenues of $10.8 million during the period, which was up 171 per cent on the previous year, and a pre-tax profit of $111,000.
It attributed net losses to a combination of restructuring costs associated with its acquisition of Saise Telecom, bad debts and an onerous lease expense.
Restructuring costs associated with the Saise acquisition totalled $220,000. CEO, Keith Ondarchie, said this included integrating the business, moving locations and terminating 10 staff.
"We have now developed a very strong business with Saise and we are trying to enhance our network to provide a series of new products such as IPTV for resellers," he said. "We want to add value to our networks through attaching more services."
Ondarchie attributed the bad debt to a single customer that failed to pay a bill of $473,000. To try to prevent this type of incident from re-occurring, the company has put in place a daily monitor to measure customer spend and alert the ISP if any go over an agreed limit.
Looking ahead, Ondarchie said the conversion of DSL customers to wireless was a substantial growth area.