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Bus information company Connexionz Ltd is not paying a dividend after reporting a loss of $356,025 in the six months to September 30.
Connexionz develops real-time information systems for public transport.
The loss was slightly larger than the $317,531 loss in the same period last year. Revenue of $1.197 million was up 92 per cent on last year.
Chairman Craig Boyce said a $214,099 writedown on intangible assets due to delays in a Charlottesville (in Virginia, United States) contract contributed to the loss.
There were also additional costs in England for a contract with Reading Borough, and Greater Manchester Public Transport had decided not to fund its system, which is under review.
"On the other hand, for the first time, Connexionz is simultaneously deploying three contracts, being Charlottesville, the University of Virginia and Reading Borough Council," he said.
There had been upfront costs with the projects but they will be completed in 2008.
Connexionz traded profitably in October and November. In New Zealand, its systems are used on buses in Christchurch and Auckland.
- NZPA
