Tel.Pacific FY10 profit shrinks 69%

Tel.Pacific FY10 profit shrinks 69%

Pre-paid mobile and calling card operator Tel.Pacific (ASX:TPC)) has reported a 68.9% decrease in FY10 profit to $3.2 billion, from restructuring and acquisition costs.

The company established its Hello Mobile prepaid mobile service during the year, and acquired the Mobile Real Time Monitoring (MRTM) billing platform used by VHA.

Revenue also declined 15.4% to $63.8 million, in a result attributed to a shift in the mix of the company's calling card products towards countries with lower rates, which therefore generate less revenue.

But in a letter to shareholders, chairman Greg McCann said the company was already seeing strong traction with Hello Mobile, having signed up 45,000 customers in the first few months, and was well positioned to compete in the market due to its low operating cost model.

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Tags Mergers and acquisitionsTelecommunicationsfinancial resultsvhaTel.PacificASX:TPCGreg McCann

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