QSC AG said it would generate a profit in the second half of the year after the German telephone and Internet-service provider reported a second-quarter loss on writedowns for customer connections and network expansion.
In a statement distributed by DGAP regulatory newswire, the Cologne-based company said the preliminary figures showed the net loss was 1.5 million euros (US$2.25 million). That compares with net income of 500,000 euros a year earlier. Sales increased 26 percent to 100.2 million euros.
“QSC will be returning to the profitability zone in the second half of the year,” chief executive officer Bernd Schlobohm said.
QSC said writedowns on capitalized costs for bringing customers online and network expansion boosted depreciation expenses to 15 million euros from 10.4 million euros a year ago. Capitalizing customer connections means the company treated them as an asset, boosting earnings temporarily. Some of this asset value is now being written down, hurting net income. Earnings before interest, taxes, depreciation and amortization rose 30 percent to 14.2 million euros.
QSC predicted full-year Ebitda of more than 60 million euros, above the previously range of 50 million euros to 60 million euros. It forecast sales of more than 405 million euros.
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