Fitel continues to shed profits

3 Sep 2009

Taiwan-based personal handyphone service (PHS) provider First International Telecom (Fitel) has announced a 28% year-on-year decrease in revenues for the six months ended 30 June 2009, down to TWD1.51 billion (USD45.92 million), leading to a net loss equivalent of TWD1 per share. Net losses have narrowed compared to the first half of 2008 however, when the deficit reached TWD2.99 per share.

According to DigiTimes, Fitel has also announced that it intends to raise additional funds in October 2009 in order to build up its WiMAX networks in the northern part of Taiwan. Although the company has deployed a network of 52 WiMAX base stations in Taipei, it is reportedly struggling to achieve its target of 70% coverage in the capital by the end of March 2010, a prerequisite specified in its WiMAX licence agreement.

Taiwan, First International Telecom (Fitel)