Challenger mobile telephone operator Two Degrees Mobile pared back losses in the year to December 31 and reported positive operating earnings for the second year since its establishment five years ago.
Financial statements filed with the Companies Office show the company made a net loss for the year of $35.9 million, down 20 per cent on last year's loss of $45.2 million.
The result was consistent with 2degrees' business plan that sees the early heavy investment in infrastructure and market penetration give way in a period of years to positive earnings.
Statutory earnings before interest, tax, depreciation and amortisation came in at $35.3 million, compared with $3.8 million in 2012, the first time the company had produced a positive out-turn on an ebitda basis.
While he would give no guidance on current year earnings or how many more years of losses were expected before turning profitable, chief executive Stewart Sherriff said the results were in line with expectations and experience of shareholders who had rolled out competitive mobile networks in more than 20 other countries.