Phonetime rings up 60% jump in revenue for 2008

MISSISSAUGA, ON - Long distance telecom provider Phonetime Inc. reported a 60% increase in consolidated revenue for 2008, bringing its total to $157.2 million, from $97.9 million for the 12-month period of 2007. The company said that the growth is attributable primarily to higher sales volumes of the company's wholesale division, which buys and resells telecommunications long-distance services to telephone carriers around the world using its proprietary call trading platform. Phonetime also generates revenues through its retail division, which provides pre-paid calling cards and long-distance services to targeted ethnic consumer groups across Canada. Gross profit for its 2008 fiscal year...