Mincom steers back toward profits

Mincom steers back toward profits

Brisbane-based software developer Mincom has reported a $2.8 million loss for the 12 months to June 30, 2001.

Mincom's loss is actually a considerable improvement on its figures for the same period last year, where it posted an operating loss before tax of $15.5 million.

The Mincom board decided to include debts incurred through several irregular events such as $1.4 million in costs associated with the abandoned IPO of its outsourcing/ASP division, Tequinox. Mincom also included research and development costs of $17.2 million in the result.

Total revenues grew by $15 million to $190.4 million. The second half of the year brought in substantially stronger revenues: $104.9 million, as opposed to $85.5 million for the six months to December 2000.

Mincom's acting CEO, Alan McElrea, attributed the improved results to the growth of several of the company's services businesses, such as consulting, contract programming and outsourcing.

He also indicated the developer is continuing to undertake a capital raising with Deutsche Bank, with expressions of interest expected to be presented to Mincom shareholders by the end of the year.

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