Mobile operator 2degrees has posted a total loss of $92.6 million for 2011, up from $73.9m, taking its accumulated losses to $247.4m.
Operating revenues were up 72 per cent to $185.4m. Chief executive Eric Hertz said he expected the company would break even before interest and tax charges this year.
2degrees could have to fork out more than $100m to buy 4G radio spectrum in an auction likely to take place late this year, or early next year, if it wants to be a significant player in 4G and if the spectrum sells for the going international rate.
John Stanton, chairman of majority American owner Trilogy International, dismissed speculation in March that the company might have to sell down its shareholding and bring in new investors in order to maintain its strong growth and invest in 4G.
But he said 2degrees might need to call on the Government to prevent "bullying" by competitors, at least until it upped its share of mobile market revenues from 8 per cent to "the mid-teens".
Trilogy sold its stake in Haitian mobile provider Voila this year but still has interests in Bolivia and The Dominican Republic.