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Two Degrees reports $76.8m loss for 2010

Tuesday 28th June 2011

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Two Degrees Mobile reported a loss of $76.8 million for the 2010 calendar year, on revenue of $107.6 million.

The company, which launched the country's third mobile phone network in August 2009, is 58 percent owned by United States-based Trilogy International, Tesbrit BV owns 28.5 percent, and Maori-owned Hautaki, which is associated with Te Huarahi Tika Trust, has 10.4 percent.

Its results for 2010 have just been filed with the Companies Office.

They show the company had a gross profit of $38.2m in 2010, while personnel and related expenses were $36m, depreciation and amortisation were $35.9m, and advertising and marketing costs were $18.1m.

Matt Boland, 2degrees corporate communications manager, told The New Zealand Herald the company was on track, with losses the price of gaining a foothold in a mature market.

"Our shareholders have done this many times before in other countries and they know you have to invest in the early stages to get up and running."

NZPA



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