Solution Dynamics into the black

Solution Dynamics Ltd has reported a $38,000 profit in the six months to December 31, which is its first interim profit since 2006.

The NZAX-listed company reported a loss of $11,000 in the same period last year.

Its areas of business include print broking services and data archiving.

Solution Dynamics has been in breach of an interest cover bank covenant since June 2007. Through this period the bank has agreed to waive the breach but reserves its rights in relation to any breaches of covenant that may occur in the future.

The directors expressed confidence that the North Shore-based company will continue to have access to funding for its continuing operations and the banking covenants are expected to be met by year-end.

- NZPA