Local broadband Internet service provider GigaMedia (
GigaMedia provides high-speed Internet access using existing cable TV infrastructure as well as broadband content aimed at the Chinese-speaking market. But while the growth rates seem large on the surface, the company's revenue and subscriber figures have started from a low base.
The company posted revenue of only US$1.3 million for the three months to March 31 rising to just US$2.9 million for the quarter ended June 30.
Meanwhile, the company saw an increase in subscribers to its broadband service, with customer figures sitting at 31,489 at the end of June, compared to 18,630 at the end of March.
Over the same period, expenses surged 53 percent from US$10.5 million to US$16 million, due to increased expenditure on infrastructure and content.
The company has also begun a widespread media advertising campaign aimed at boosting its subscriber base.
Those figures put GigaMedia's second-quarter net loss at US$11.6 million, up 152 percent from the US$7.4 million it posted in the previous quarter. One of the biggest curbs on the company's growth has been a slow rollout process caused by legal and regulatory problems.
However, Giga CEO Raymond Chang predicts the company will be able to offer two-way cable Internet access to 67 percent of homes by the end of the year and 100 percent by the end of the first quarter next year.
GigaMedia's key strength is its ability to leverage its exclusive deals with no less than 19 cable TV providers around Taiwan, most of which are owned by Giga's major shareholder, local cable TV conglomerate Koo's Group.
The company is also part-owned by Microsoft and boasts access to the entertainment libraries of Sony, Warner and EMI. In March this year the company's shares listed on the NASDAQ at US$27.
Shares rose on the opening day but have since slumped to less than US$13 per share, valuing the company at US$613 million.
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