An indigenous telecommunications firm, SWAP Technologies & Telecoms Plc, recorded a 65 per cent increase in turnover in the year ended 2012, which amounted to N6.028bn.

Chairman of the company, Mr. Godwin Adopkaye, said the over N6bn turnover represented an increase of 65 per cent over N3.65bn recorded in 2011.

He spoke at the company’s Annual General Meeting recently in Lagos, explaining that it fully focused on co-location services provision. He said it was able to achieve the feat in spite of the harsh economic conditions prevalent in the country. He also pointed out that earnings before interest, taxes, depreciation and amortisation increased from N421m to N1.092bn in that same financial year.

He said, “Our business by nature is highly capital intensive and consequently attracts correspondingly high depreciation charges. It needs substantial debt financing meaning interest expenses are high. “These factors impacted adversely on our financials resulting in a loss before tax of N2.77bn in the year under review.”

Adokpaye further noted that the write back of deferred tax credit of the year before, which amounted to N729m and extra ordinary charges of N191m relating to provision for diminution in the value of unquoted investments, resulted in a loss after tax of N3.7bn.

The company has posted major losses over the last five years resulting in a negative reserve of N2.3billion.

SWAP Technologies records 65% turnover growth