Megaport (ASX:MP1) reports a $19 million net loss for the half year

Company News

by Rachael Jones

Cloud company Megaport (ASX:MP1) has reported a $19 million loss in the first six months of the financial year, 14.4 per cent more than its loss in the prior corresponding period despite a revenue increase of 70.3 per cent.

The company reported a loss of $12.7 million from direct network costs and $23.4 million from operating expenses.

Normalised EBITDA saw a loss of $10.3 million.

The company launched services in Japan in November 2019.

Shares in Megaport (ASX:MP1) are trading 3.89 per cent lower at $10.62.