2degrees slashes annual loss

TOM PULLAR-STRECKER
Last updated 11:59 28/06/2013

Relevant offers

Industries

Jobs lost as MBIE restructures Solid Energy chairwoman quits over disagreement with Finance Minister Auckland port told to stop wharf extension for now Hugh Green's family fight over his $400 million fortune Property values outside of Auckland flattening out, says QV Looking for the next "Jonah Lomu" for the oil industry Forestry margins 'too tight' MYOB owner dismisses Xero criticism Jade Software expands to Indonesia, Netherlands Auckland and Canterbury drive record house asking prices

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.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content