Revenues are up, but an operating loss of $4m is taking the shine off leading Australian internet service provider OzEmail’s latest financial results. Nasdaq-listed OzEmail has reported revenues of $22m for the quarter ended March 31, up 104.9% over 1997’s first quarter figure. But the company’s Interline Internet telephony business rang up a net loss of $4.2m, against a loss of $316,000 in the same quarter last year. Chief executive and major shareholder Sean Howard is untroubled by the loss, saying it is a result of research and development in internet telephony. Announcing its financial results, OzEmail also unveiled an agreement to acquire a majority share in PowerUp Pty Ltd, Brisbane’s largest ISP, for around $2m.
