Mobile phone firm Two Degrees has reported a full-year loss.
The company lost $76.8 million in the year to December, as it spent money to compete with its larger rivals, Vodafone and Telecom.
The result compares with a $51.8 million loss in the nine months to December, 2009.
Two Degrees, launched less than two years ago, has more than 600,000 customers, and demand for high-value data services helped boost revenue to more than $100 million.
Chief executive Eric Hertz says the loss is typical in the telecommunications sector where firms are trying to expand in what is a capital intensive business, but he's confident it can start making a profit in a few years.
