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| MediaRing reports Q2 revenue of US$27.65m (S$41.48m) and profit of US$0.17m (S$0.25m) |
SINGAPORE, 14 August 2009 – MediaRing Ltd ("MediaRing" or the "Group"), Asia Pacific’s premier IP communication solutions provider of Voice, Data and Computing services, announced its second quarter ("Q2") 2009 results today.
The Group reported a Net Profit after Tax ("NPAT") of US$0.17m (S$0.25m) see Note for Q2 2009 compared to a loss of US$0.43m (S$0.65m) in the same quarter last year. Revenue for Q2 2009 of US$27.65m (S$41.48m) declined by 17% compared to Q2 2008 as the slowdown in the global economy affected the business.
Commenting on the results, Mr. Khaw Kheng Joo, MediaRing CEO, said "The economic situation in Q2 affected us but our effort to minimize costs resulted in a 19% decrease in operating expenses compared to the corresponding quarter last year. On the other hand, our innovative Utility Computing for our IT customers as well as our advertisement based MRTalk phone service both continue to progress well."
"Our advertisement based MRTalk phone service allows our customers to call eight major global destinations free. The phone calls are funded by advertisements and we have secured strong brand name advertisers. We are also seeing an accelerating rate in the number of customers signing up to use MRTalk."
"Our Utility Computing model continues to gain customers, as more CIOs realize that capex can be saved while still expanding their IT capability and capacity by engaging our Utility Computing model. Customers pay only for the capacity used. We are positive that our Utility Computing will continue to win converts."
The Group’s balance sheet remains strong with a very significant US$70.01m (S$105.02m) in cash, cash equivalents and bonds. EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) for Q2 2009 was US$1.30m (S$1.95m) compared to Q2 2008 of US$0.65m (S$0.98m).
Note:
S$ refers to the equivalent amount in Singapore dollar translated based on the approximate exchange rate of US$1: S$1.50. As our reporting currency is in US$, all S$ translated amounts should be used only as a guide.
About MediaRing
MediaRing is a one-stop service provider for Voice, Data and Computing services with a leading edge in VoIP technology. Through its strong technological capabilities and extensive distribution network, MediaRing brings a wide range of high quality Voice services to carriers, enterprises, service providers and consumers worldwide. MediaRing’s Data and Computing services unit offers the innovative Utility Computing, IT Infrastructure Hosting and Outsourcing, Broadband Access, Managed Network as well as various Network Based services.
Since its inception in 1993, MediaRing has grown to become a global enterprise with a strong presence around the world. Headquartered in Singapore, we have a network of subsidiaries, branch offices and associates in Kuala Lumpur, Tokyo, Shanghai, Beijing, Cape Town (South Africa) and Sunnyvale, California (USA). MediaRing Limited is listed on the mainboard of Singapore Stock Exchange since 1999 and trades under ticker symbol SGX: M09.
Contact Information:
Email: investor-relations@mediaring.com
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