ASX-listed reseller and integrator Data#3 has posted record after-tax profits of $3.17 million for the 2001/2002 financial year.
The company posted revenues of $172 million, showing strong growth on the $127 million Data#3 earned in the previous financial year. Product revenues were the main driver (which grew from $99 million to $145 million) with services revenues declining slightly.
Data#3 CEO John Grant said the company had a tough time in the early stages of the economic downturn. "We really copped it hard at the end of the 2000 financial year," he said. Last year, Data#3 posted a net loss of $4.26 million.
"We made the hard decisions -- a lot of changes, reducing expenses and staff," he said.
Grant said the company made its own luck, with several new high-profile customers and big deals. His only concern for the forthcoming year is the effects of the voluntary administration and receivership of Powerlan Qld, the company's joint venture partner in the Queensland Desktop Services (QDS) and Queensland Software Services (QSS) businesses. Data#3 has hinted that legal action may be required to resolve the issue with its former business partner.
"We are gravely concerned about the circumstances in which our joint venture partner appears to have used joint venture assets, and consideration is being given to pursuing legal remedies if there is a substantial shortfall to Data#3," Grant said in a statement.