Update on Green Packet

Blogged on 17 Aug 2010: Green Packet Announces 10th Consecutive Quarter Of Losses!

I asked one question which needed to be answered: 'At this rate, got enough cash ah?

Let me reproduce what was written:

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Green Packet announced its earnings last night and as expected, the earnings were horrible.

How should I put everything into perspective? Well, on 13th May 2010, I wrote the following posting: Oh Yeah, Green Packet Lost Less Money. I list out a list of facts. I reckon it's best I update the list of facts.

I will update the list and use red to strike out the past 'facts'.

Fact. It lost some 44 million 35.9 million for the quarter.

Fact. This is the 9th 10th consecutive quarter of losses. 30 month of losses,

Fact. Green Packet's total losses for last 27 30 months equals some 275 310.9 million!

Fact. Green Packet raised some 98 million via rights issue last Aug. 2009.

Fact, Jan 2010. Green Packet raised some 69.176 million from a share placement.

Fact. After the rights issue, the following quarter, November 2009, Green Packet said it had some 174 million cash and some 209 million in borrowings.

Fact. After tonight's earnings, or 6 9 months later, Green Packet said it had some 111.699 102.800 million cash and some 256.376 264.214 million in borrowings.

Fact, Nov 2009, Green Packet had 68,691 in trade payables. In Feb 2010, trade payables grew to 159.192 million. Today payables total some 188 200.870 million. (Why so much payables nowadays? Who is Green Packet not paying? )

So how?

Green Packet owes its bankers more money, yes? It's debts had increased.

It has less money, despite the rights issue and placement of shares.

So is less cash and more debt good?

At this rate, got enough cash ah?

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I forgot all about P1's deal with SK Telekom.

GREEN PACKET BERHAD ("GPB" OR "THE COMPANY") PROPOSED ISSUANCE OF 979,474 CLASS C ISLAMIC IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES OF RM0.10 EACH (“CLASS C ICPS-i”) IN PACKET ONE NETWORKS (MALAYSIA) SDN BHD TO SK TELECOM CO., LTD. FOR A TOTAL CASH CONSIDERATION OF RM322.91 MILLION (EQUIVALENT TO USD100 MILLION) (“PROPOSED ISSUANCE”)

Yeah.. many thanks to SK Telekom, Green Packet does have extra 322 million to burn.

ps: This posting is merely to state the facts yo!

Seriously? I do not make postings with any hidden intent.

Wait... here's my disclaimer again.

Disclaimer
1. I am a nobody.
2. I am not responsible for anyone's investments.
3. I am not a sotong. :D
4. I am certainly not an independent investment advisor.
5. Since I am not an in dependant investment advisor, I cannot guarantee that you should lose money.
6. Most important, I find no motivation to talk about stock price movements. Yeah, I do not indulge in guessing what a stock price will or will not do. So please spare me all the chats that you think this stock will go down by so much or this stock will soar by so much.