Dark fibre infrastructure provider Superloop reported a net loss of $1.19 million in its first annual results since floating on the ASX in June.
Superloop attributed the loss for the year ending 30 June to still being in the construction and development phase of the business. The company continues to invest in its Australian and Singaporean networks, with initial core networks expected to be completed by the end of the third quarter of this calendar year.
Core networks have already been completed in Melbourne and Brisbane, while the redundant path is still under construction in Sydney. Superloop’s Australian fibre network now spans 134km across the three cities, connecting a total of 34 data centres.
Losses were somewhat offset by a $3.4 million foreign exchange gain from the acquisition of a 120km underground duct network in Singapore. It has already constructed 117km of fibre networks in Singapore.
Superloop hired a number of staff including fibre construction project managers, provisioning engineers, geographical information systems specialists, sales and marketing professionals, legal, corporate and finance staff.
Operating expenses totalled $3.3 million, which includes $1.1 million in employee expenses, $1.7 million for professional services, $329,060 in office and administration and $70,207 in marketing.
Superloop was founded in September last year after serial tech entrepreneur Bevan Slattery spun-off the dark fibre business from network virtualisation company Megaport.
Megaport sold off its fibre network in Melbourne, Sydney and Brisbane to Amcom for $15 million in November last year, which was leased back to Superloop under a 15-year arrangement.
The company went public in June after a $17.5 million IPO, backed by more than 2,300 investors.
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