Superloop announces AU$1.19m loss for FY15 as network construction continues | ZDNet
Summary
Asia-Pacific fibre infrastructure company Superloop has released its first annual results report [PDF] for the financial year ending June 30, 2015, recording a net loss of AU$1.19 million due to the costs of developing the new business and expanding its fibre-optic network across Australia, Singapore, and Hong Kong, as well as a lack of customers. Within the past year, Superloop has built or acquired strategic network assets in Singapore and Australia, obtained our Unified Carrier Licence in Hong Kong, assembled an outstanding management team, and of course undertaken our successful initial public offering (IPO) on the Australian Stock Exchange. Abrahams said in June that the dark fibre company would also be targeting telcos and content providers in Asia Pacific, predominantly in Singapore, with the swell in subsea cables and datacentres a major drawcard for the region. Last week, Superloop announced that it would be investing further into its Singapore network [PDF], by expanding the fibre that connects its datacentres and cable landing stations directly into 25 commercial buildings in the CBD. Abrahams said the project, dubbed "Red Lion", will involve an investment of under AU$2 million and will leverage the providers existing assets, meaning no material increase to operating costs.