Pacific Internet reports solid Q4

Asia-Pacific ISP Pacific Internet (PacNet) reported net income of US$2.1 million for its fourth quarter ending 31 December, up from US$2 million a year ago.

Full-year 2004 net income grew over 100 percent to US$6.2 million or US46 cents per share, compared to US$3 million or US22 cents per share a year ago.

Revenues for Q4 however, were down to US$26.1 million compared to US$26.9 million a year ago, largely attributed to lower contributions from the company’s consumer business.

Low Sin Leng, chairman of the board the company’s plans to shift towards high-margin corporate business, growing its regional businesses and improving operational efficiencies remained the key focus.

“Last year, we saw good progress in several areas compared to 2003; corporate business contributions are now 59 percent of total revenues with 50 percent from corporate broadband; value added services revenues grew by over 14 percent and regional operations are increasing their contributions to the group’s profitability,” she said.

Broadband revenues for the quarter were US$12.7 million, up 9.1 percent over last year. Corporate broadband contributed US$8.3 million or 65 percent of total broadband revenues, an increase of 15.9 percent over Q4 last year.