Telecommunications company Cabletalk Group today posted an improved net profit after tax of $1.9 million for the March year.
In the same period last year, Cabletalk returned a net loss of $11.7 million.
Earnings per share was six cents compared to 32 cents for the March 2003 year.
Improved revenues of $54.6 million (from $41.7 million last year) contributed to the result, as did a tax benefit of $202,000 ($119,000).
Earnings before interest, tax, depreciation and amortisation was $2.8 million ($1.3 million).
The operating surplus before tax of $1.7 million easily trumped last year's negative $11.8 million.
Chairman Ross Keenan the improved profit helped put the firm in a "robust position" for the 2004/05 year.
The phasing out of Telecom field service contracts was managed well "from both a staff resource and financial standpoint."
In December last year, Cabletalk said it had lost its $37 million a year contract with Telecom, ending the firms' 13-year relationship with one another.
Mr Keenan said Cabletalk was continuing to invest in its major TelstrarClear contracts and product divisions.
Investors reacted positively to the news, pushing Cabletalk shares up four cents to 26 cents by 10.40am.
The shares have traded between 16 cents and 43 cents in the past year.
- NZPA
Cabletalk posts improved March-year profit
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