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Smart Telecom reports 11.2m first-half losses.
(From Irish Independent)
Company's net debt stands at 14m, cash at bank and in hand is 2.3m
SMART Telecom racked up losses of 11.2m for the six months ended June 2005, compared with a figure of 4.4m in the same period of 2004 and is planning to raise an additional 55m.
Turnover at Smart increased to 23.7m, compared with 9m in the half year ended June 2004.
The company's net debt stands at 14m while its cash at bank and in hand of 2.3m compared with 20.3m in the first six months of 2004.
Oisin Fanning, the company's founder and chief executive, said yesterday that he was not concerned about going back to market to raise finances considering the figures.
"You don't take on the incumbent without increasing your costs," he said yesterday.
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