Powerlan reports small half year profit

Powerlan reports small half year profit

Software vendor, Powerlan, has announced a half-financial year profit of $2.6 million to December 31, 2002.

Powerlan has reported a profit despite succumbing to negative operating cash flows of more than $3 million.

The company attributes the cash flow problems to legacy debt obligations and costs relating to the divestment of former parts of the business.

Powerlan has retired the debt to the ANZ bank but the company still expected to occasionally experience a negative cash flow for short periods over the coming months.

Managing Director, Theo Baker, said the company was focused on maintaining its growth and profitability while aggressively controlling costs.

“Eighteen months ago we commenced a strategic transition of our business from a role of reseller to our current business model of software developer and vendor specialising in vertical market, mission-critical software and services,” he said.

“The IT industry is still under enormous financial pressure and we are fully aware of the efforts we need to make to build on the success we achieved in the first half of the financial year.”

The reporting period incorporated multi-million dollar deals with Sri Lanka Telecom, Reliance Infocom (India) and IBM/Tower Australia.

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