2degrees slashes annual loss

23:59, Jun 27 2013

Telecommunications company 2degrees almost halved its annual losses last year.

The company reported a total comprehensive loss of $47.2 million for 2012, down from $92.6m in 2011.

Annual revenues rose 37 per cent to $254.1m.

2degrees announced last week it had secured a $165 million overdraft from the Bank of New Zealand, which acting chief executive Stewart Sherriff said would be sufficient to "fully fund" its business plan and see it through to profitability.

Last year's total comprehensive loss included a $5m loss from cash flow hedges that the company said was likely to be included in its net loss figure as a result of the fresh financing.

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