Green Packet Makes Bullish Pledge Again Despite Losing Money For The 15th Consecutive Quarter

I saw the Star Biz headline on Green Packet's earnings: Green Packet makes profit pledge again

• PETALING JAYA: After reporting yet another loss-making quarter, wireless services provider Green Packet Bhd has again given a promise of profitability.
  
  This time around, at a media briefing yesterday on the company’s third-quarter results, group managing director CC Puan said Green Packet aimed to report profits by the second half of next year.
  
  It is a pledge familiar to shareholders. At the briefing, Puan was asked twice if he was indeed confident of delivering an earnings before interest, tax and amortisation (EBITDA) break-even by the end of this year. He did not clearly answer in the affirmative but said that looking at the current figures, he believed that the company was on its way to achieving that goal.
  
  Green Packet has seen improvements of late and has narrowed its losses since a year ago.
  
  Puan said the company could post a profit for 2013 on condition that it registered positive net additions in subscribers for every month in the next year.

LOL!

'Makes profit pledge again ...'

Oh yeah we heard it too many times before and it's great to see the Star biz actually write 'It is a pledge familiar to shareholders'!

And more interesting was Puan was asked TWICE if he was confident of delivering EBITDA positive by end of the year, after all if one had followed past posting, Puan had declared only on Aug 2011 that he remained bullish that the company will be 'ebitda positive' by the end of this fiscal year!

To recap the never ending record....

• Feb 2008: we expect the WiMAX business to be ebitda (earnings before interest, taxes, depreciation and amortisation ) break-even this year,"
• May 2008: we are targeting EBITDA positive by end of next year.
• May 2009: P1 will be EBITDA will break-even from next year.
• Feb 2010: concurred that will be EBITDA positive in the second half of this year.
• May 10: the company remained optimistic that it will be able to achieve an Ebitda break even
• June 2010: Green Packet Bhd’s target to turn earnings before interest, tax, depreciation and amortisation (Ebitda) positive by year-end may be delayed to next year
• Sep 2010: Puan added that Green Packet is maintaining that its Ebitda (earnings before interest, tax, depreciation and amortisation) will break even by the end of this year.
• Nov 2010: "We're confident of breaking even no later than the first quarter. Ebitda (earnings before interest, tax depreciation and amortisation) turnaround is really at the corner," chief executive officer C.C. Puan said at a press conference in Petaling Jaya, Selangor, yesterday.
• Feb 2011: defers its target of being EBITDA (earnings before interest, taxation, depreciation and amortisation) positive to end-2011.
• May 2011: Green Packet Bhd is on track to achieve its EBITDA (earnings before interest, taxes, depreciation and amortisation) break-even target by this year-end, according to the group's managing director and chief executive officer Puan Chan Cheong.
• Aug 2011: ... remained bullish that it will be a "ebitda positive" company by year-end

Yes, since Feb 2008, Green Packet sang the same tune, over and over again. And everytime, the company fell short.

And for the record, this is the 15th consecutive quarters of losses and total net losses amount to 547.648 million!