Green Packet Growth Story Continues: Losses Worsen!

I always believe in my flawed opinion that what and how the CEO/owner speaks and portray themselves in public is so important and it does give the investor a fair indicator on what to expect from the company.

For example, in the posting on Monday: What Kind Of Growth Story Is Green Packet Talking About?, we had an incident where Green Packet's CEO gave public assurance that Green Packet is growing.

Now, for the investor, who does a bit of homework, that growth issue mentioned is rather confusing for the recent earnings notes posted on Bursa website showed that this was a company whose earnings were declining or rather losses were growing!

But yet, the CEO insist otherwise.

Surely growth in revenue counts for nothing if the company can not generate the profits, right?

May 23rd 2009, Update On Green Packet As Its Losses Increased More Than Sevenfold

• GREEN Packet Bhd (0082), a company that develops telecommunication solutions and offers wireless broadband services, said its first-quarter net loss widened more than sevenfold despite higher revenue, due to the cost of rolling out its wireless broadband services.
  
  Net loss for the first quarter ended March 31 2009 rose to RM22.22 million from a loss of RM2.7 million a year ago. However, revenue almost doubled to RM41.5 million, aided by its growing solutions and broadband services.

Today, Green Packet announced its earnings.

What would you expect?

Growth in earnings?

Sorry to disappoint but GPacket did not lose 22.22 million. Instead it lost some 27.9 million!

Yup, the growth in losses has continued!

Yup growth in losses!