Superloop Revenue Doubles as Indigo Subsea Cable Nears Completion
By Corinne Reichert
August 21, 2018
The final splice of the Indigo subsea cable system is expected to take place in late December, Superloop has said, announcing an FY18 net profit of AU$7 million on revenue of AU$125 million.
Superloop has announced its revenue more than doubling for FY18, up 109 percent to AU$125.2 million for the year ended June 30, also revealing that its Indigo subsea cable project could be completed by the 2019 financial year.
Net profit for the company was AU$7.1 million, up from last year’s net loss of AU$1.2 million, on earnings before interest, tax, depreciation, and amortisation (EBITDA) of AU$29 million, up from AU$4.6 million following its acquisitions of NuSkope, GX2 Technology, BigAir, and SubPartners.
According to Superloop, NuSkope contributed AU$6.7 million in revenue during the year, while GX2 contributed AU$7.1 million, Superloop AU$40.2 million — including AU$13.8 million from Indigo developments, AU$21.8 million from fixed-wireless services, and AU$25.6 million from fixed-line fibre services — and BigAir AU$71.2 million. The Superloop+ managed services and cybersecurity business segment contributed revenue of AU$36.6 million.
On the Indigo subsea cable, Superloop said it has already completed the marine survey, cable system manufacturing and factory testing for both Indigo West and Indigo Central, the drilling phase in Sydney for the landing of two subsea cables, installation of the beach manhole in Sydney for Indigo Central, and an agreement to provide its second landing facility to Southern Cross.
Three-quarters of Indigo West and Central total cabling has been loaded onto lay vessels, with lay operations having commenced from Christmas Island towards Perth and then Sydney. The remaining 25 percent of cabling was loaded onto a cable freighter mid-last month, with lay operations to begin mid-September between Singapore and Christmas Island.
The Perth landing is expected to complete in early September, the Sydney landing in mid-October, the Indigo Central final splice in early December, and the Indigo West final splice in late December.
“Construction of one of our biggest infrastructure projects, the Indigo international subsea cable system, is progressing ahead of plan, and subject to weather conditions could be completed ahead of schedule and before the end of this financial year,” Superloop CEO Drew Kelton, who commenced the chief executive role at the start of July, said.
“Once complete, Superloop will be able to offer its customers a fully meshed pan-Asian network, and position the company for substantial growth in the years ahead.”