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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.