Primus reports record income

Primus reports record income

Primus Australia has reported a 30 per cent increase in second quarter earnings from $18.7 million at the same time last year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at $24.3 million. Second quarter net income from operations was a record $14.3 million, up 94 per cent from $7.4 million during the same period last year.

Managing director of Primus Australia, Greg Wilson, said the telco had achieved positive second quarter results which reflected an increased penetration of value-added services to the business and consumer markets.

“We have been able to generate higher revenue and strong earnings growth, coming from new and improved services, which have been targeted to profitable market segments,” he said.

Wilson said recent marketing initiatives had been successful in generating new and profitable business. The company had also benefited from customers wanting bundled voice and Internet services.

Primus added more than 25,000 new services during the June quarter.

Primus broadband grew 32 per cent to almost 11,000 services. The ISP signed about 1000 customers per month. As previously reported in ARN, Primus has set a company target of 20,000 broadband subscribers by the end of 2003.

Gross revenue in the June quarter was $131.2 million, an 8 per cent increase on the second quarter of 2002.

Wilson said the number of bundled residential customers was just below 100,000.

Primus Australia’s parent company reported second quarter net revenue of $US320 million, reducing long term debt by $US20 million during the June quarter.

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