Megaport half-yearly losses hit $16.6M

Megaport half-yearly losses hit $16.6M

Interconnectivity provider rolled out 24 installed data centres in last half year

Credit: Dreamstime

Megaport has posted half-yearly losses of $16.6 million for the six months ending December 2018, marking a significant increase for the same period the year prior.

In its 2018 half-yearly report, Megaport posted a reduction to its losses, seeing them fall from $13.8 million to $13.3 million.

The 2019 losses follow the Australian inter-connectivity provider’s roll-out of additional data centres, network expansion plus software and product development.

Due to increased usage from across these markets, Megaport’s revenue for the first half of financial year 2019 rose by 72 per cent - from $8.8 million to $15.2 million - over the previous corresponding period.

The Australian Securities Exchange-listed firm generated a profit of $4.8 million on its data centre operating costs, an increase of $2.7 million, from the month of December 2017.

Nevertheless, its total operating costs across the whole business - including data centre operations - hit more than $27 million.

Additionally, the company’s cash position at the end of December has dipped by a third since June, falling to $38.1 million.

Between June and December last year, Megaport increased its number of installed data centres from 221 to 245. Of these, 78 were located in Asia Pacific, 209 in North America and 99 in Europe.

Megaport said it expects to enable 300 installed data centres by the end of this financial year. 

“Megaport had a solid performance during the first half of fiscal year 2019,” Megaport CEO Vincent English said. “During the period, we made significant investments in our sales and go-to-market engine while continuing to expand our footprint to new data centres and integrating with more cloud on ramps.”

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