Superloop releases first results since ASX listing

Company still in construction, development phase

Dark fibre infrastructure provider Superloop has released its first results to the ASX after listing earlier this year.

Superloop (ASX: SLC) was admitted to the ASX in early June.

Releasing today its FY15 results, the company said it made an operating loss before tax of $1.19 million for the period ended 30 June, with Superloop still in its construction and development phase.

It reported an underlying earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $3.5 million.

As the fibre optic telecommunications network infrastructure was still being constructed at the end of the financial period, no customer revenue was recorded with other revenue from interest income on deposits of $0.01m.

The company's IPO raised $17.5 million.

Operating expenses for the period were $3.3 million, largely made up of employee expenses ($1.1 million) and professional services ($1.7 million).

The company reported cash and term deposits of $18 million.

During FY 2015, Superloop delivered core networks to Brisbane and Melbourne. It also activated the primary fibre path in Sydney. The redundant path remains under construction and is scheduled for completion by Q3 of this year.

Read more: In brief: Superloop joins the ASX

Superloop’s Australian network offers customers a dark fibre connection to a number of data centres including Equinix facilities in Sydney and Melbourne and NextDC data centres in Brisbane, Sydney and Melbourne.

During the year it hired fibre construction project managers, provisioning engineers, geographical information systems specialists, sales and marketing professionals, legal, corporate and finance staff.

Superloop was spun out from network interconnection provider Megaport in 2014.

Earlier this month, Superloop announced 'Project Red Lion', which involves expanding its network into more than 25 strategic commercial buildings in Singapore.

Follow Hamish Barwick on Twitter: @HamishBarwick

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