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Thursday, 09 March 2006 17:38

Engin drives closer to breakeven

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Broadband VoIP service provider, engin, has reported revenues of $3.03 million for the six months to 31 December, a 143 percent increase on the previous six months. Paying subscriber numbers grew from 5,800 at June 2005 to 18,100 at 31 December and stood at 24,000 at the end of February.

The company reported a half year loss after tax of $3.75 million (EBITDA loss $5.13 million), compared to a loss of $3.41 million (EBITDA loss $3.79 million) for the half year ended June 2005. Net losses before tax were $5.3m for the half year to 31 December and $4.3m for the previous half year.

The company has $5.70m in cash which it claims will take it past operational breakeven point. It expects to achieve this at the outset of the new financial year. For the half year to 31 December expenses of providing its broadband telephony service were $7.4m, $4.4 million higher than revenues.

On 19 January the company announced it had raised $4.1 million through a private placement, which was significantly over-subscribed.


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