UXC posts mixed financial result

UXC posts mixed financial result

Discontinued operations drag down outcomes

IT services provider, UXC, has posted mixed numbers for its 2010 financial year ending June 30.

Revenue from continuing operations was up eight per cent to $686 million. Total revenue was up five per cent to $748 million.

Earnings before tax from continuing operations jumped by 24 per cent to $50.6 million but the total figure was down 60 per cent to $20.2 million.

Net profit after tax from continuing operations was up 153 per cent to $18.6 million but total Net profit after tax dropped to $2.9 million.

Cashflow from operations was up 78 per cent to $28 million while debt was scaled down by 32 per cent to $39 million.

“Results attributable to members have been adversely affected by discontinued operations,” UXC said in a statement. “Several lines of business are now closed due to major issues in the environmental area of Field Solutions Group, including the collapse of the market price for Renewable Energy Certificates, the cancellation and abrupt revision of several government programs in the environmental sector, and the constant downsizing of supporting facilities and infrastructure.”

The losses and charges from discontinued operations were sufficiently large this year to have offset the company's profits from continuing operations.

“No further exposure to these discontinued business activities exist going forward,” the company said.

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