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| MediaRing Exceeds US$100M Revenue and Turns in Record Profit |
• Net profit grew 60% to US$8.3 million
• Revenue exceeded the US$100 million mark at US$117 million
• Operating Profit grew 78% to US$6.5 million
• Call traffic volume increased 26% to 1.3 billion minutes
US$’million |
12 months ended
31 Dec 2006 |
12 months ended
31 Dec 2005 |
% Change |
Revenue |
117.0 |
95.2 |
+23% |
Operating Profit |
6.5 |
3.6 |
+78% |
Net Profit |
8.3 |
5.2 |
+60% |
EPS (US cent) |
0.79 |
0.64 |
+23% |
NAV (US cent) |
6.99 |
5.19 |
+35% |
SINGAPORE, 26 February 2007 –Mainboard-listed MediaRing Ltd, the leader of VoIP telephony service providers in Asia, established new record results for their latest financial year.
For the financial year ended 31 December 2006, net profit surged 60% to US$8.3 million. Excluding the one time expenses pertaining to the voluntary general offer for Pacific Internet Ltd shares, net profit would have been US$9.1 million – a 75% increase over the previous year.
For the first time, revenue crossed the US$100 million mark, growing 23% to US$117 million.
On the cost side, all categories of expenses for the Group increased during the year in tandem with revenue growth. Also for the first time both revenue and expenses incurred in the new subsidiaries – PT Atlasat Solusindo and NetPlus Communications Pte Ltd – were included in the consolidated accounts.
Earnings Per Share (“EPS”) based on the weighted average number of ordinary shares was 0.79 US cents – a 23% increase over the previous year. Net Asset Value Per Share based on the issued and fully paid up share capital was 6.99 US cents.
Said Mr. Khaw Kheng Joo, Chief Executive Officer of MediaRing, “Our focus on VoIP is paying off for us, as reflected in the financial results. Going forward, with the addition of NetPlus, we have transformed MediaRing into a full service provider of IP communications offering both Voice and Data Services.”
Data Focus
NetPlus was acquired in July 2006. This is the second investment in an ISP for MediaRing, following the strategic stake in a company in Cambodia. NetPlus is a communication service provider offering Internet access and IT consultancy services to corporate customers. With these additions, MediaRing is now able to offer customers both VoIP voice solutions and data solutions in the Asia Pacific region.
Consumer Focus
2006 also saw the successful launch of the feature rich on-line PC client branded as MediaRingTalk (www.mediaringtalk.com), which is intended for consumers worldwide. The initial take up rate has been encouraging. Shortly after the launch, MediaRing won a tender with Republic Poly to outfit all their Laptops with MediaRingTalk. The vision of Republic Poly on mobile computing calls for the inclusion of voice communications and MediaRing is pleased to provide a mobile voice solution that fits their vision.
Enterprise Focus
In the enterprise space, the project with Singapore Airlines has gone live. This solution calls for MediaRing to pipe phone calls from all over the world back to the Singapore Airlines call center in Singapore. Currently, MediaRing is handling call traffic from the UK, Australia, New Zealand and the US. Other countries will be added during the current year.
Core Business Focus
The traditional PC-to-Phone business continues to do well for the Group. We have maintained our market in the regions where we have traditionally done well and continue to work on expanding into new regions. Africa and South America will continue to be a focus for the Group’s expansion of this business.
Outlook
Going forward, MediaRing will continue to focus on its strategy to defend and grow its existing markets as well as to expand in new markets through partnerships, acquisitions and alliances with quality product offerings.
“2007 will be another very busy and exciting year for MediaRing,” says Mr. Khaw.
About MediaRing
Headquartered in Singapore, and with subsidiaries or rep offices in Malaysia, Shanghai, Beijing, Hong Kong, Taiwan, Japan and Silicon Valley (Sunnyvale, CA) USA, MediaRing is the leading VoIP telephony service provider in Asia and enjoys a significant share of the global VoIP market. Through its strong technological capabilities and extensive call termination network, MediaRing brings high-quality voice services to carriers, enterprises, service providers, and consumers with its wide range of service offerings. Its extensive partnerships with carriers around the world allow call terminations in more than 240 countries worldwide. As a pioneer in VoIP services with unique proprietary technology, MediaRing derives more than 95 per cent of its revenue from outside Singapore.
Media Contacts:
Singapore:
August Consulting
Tel: (65) 6733 8873 Fax: (65) 6733 9913
Silvia HENG – silvia@august.com.sg
Lynn LI – lynn@august.com.sg
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