Zintel downgrades profit forecast

Telecommunications firm Zintel has downgraded its profit forecast for the year ending March 31.

The company said it expected to report an operating surplus before tax of $4.3 million for the year, down from $5 million the previous year.

Zintel said there were several reasons for the downgrade, including a $330,000 claim with a key supplier.

The company also anticipated a one-off write-down of $150,000 for software for the company's billing system.

Chief executive Peter Halkett, who joined the group four months ago, said he was still conducting a strategic review of the company.

"I expect to complete this review shortly and will detail our future strategy for the business at the time of our annual result announcement," he said.

Zintel will report its full year results near the end of May. Shares in the company, which is listed on the stock exchange's alternative exchange, the NZAX, last traded yesterday at 76c, having ranged between 70c and $1.12 over the past 12 months.

- NZPA