Cube Capital posts $1.2m half year loss

Shell company Cube Capital today posted a net loss of $1.2m for the half year to June 30, and said it was looking for an investor to use the company as a "back door" investment to the NZX.

The result compares with a half year profit of more than $25,000 in the 2004 year.

No dividend was declared.

Today's result was based on total operating revenue of $1.34m, compared with $8.11m a year earlier.

Executive Chairman Simon Wallace said company earnings were down on 2004's half year due to the sale of Damba Furniture and the "relatively" poor performance of Cube Financial Group.

Earnings before interest, tax, depreciation and amortisation (Ebitda) -- a loss of $313,000 -- were down on 2004's half year profit of $321,000.

Mr Wallace said Cube is seeking a company to back door list on the NZX, "that can increase our share price, grow our balance sheet, increase shareholder numbers, and improve liquidity".

Cube shares closed last night at 4.2c, and had not traded by midday. The shares have traded between 3c and 8.5c in the last 12 months.

- NZPA