KEY POINTS:
Automated mooring equipment maker Mooring Systems posted a net deficit of $254,500 after amortisation of intangible assets for the nine months to the end of December.
That compared with a reported net deficit of $674,588 for the 12 months to March 31, 2006.
In January, Mooring Systems allotted nearly 51 million ordinary fully paid shares to acquire 100 per cent of the issued capital of Cavotec Group Holdings NV, and the company changed its name at that time to Cavotec MSL Holdings Ltd.
Cavotec Group Holdings NV also today reported net profit after tax of 6.75 million euros ($12.7 million) for the year ended December 31.
In the next few days an audited opening balance sheet for Cavotec MSL Holdings Ltd together with a statement for a 2007 dividend policy would be announced.
Cavotec MSL today said 2006 brought about widespread acknowledgement of Mooring System's innovative automatic mooring technology, particularly in the fields of container ships, locks and ship-to-ship applications.
The merger with Cavotec had given Mooring Systems the necessary resources to ensure the continued development and marketing of its unique MoorMaster system.
At the same time it provided Cavotec with an outstanding opportunity for long-term global growth potential, Cavotec MSL said.
Management was committed to investing in and strengthening the marketing of the Cavotec MoorMaster system worldwide, with an eye on increasing both revenues and profitability and enhancing shareholder value.
Cavotec MSL shares were up 5c to $5.25 around noon today.
- NZPA
