Anittel to lose more in FY 2010/11 than expected

Anittel to lose more in FY 2010/11 than expected

Earnings before interest, taxes, depreciation, and amortisation figure projected at a loss of $1.9 million

IT services company, Annitel Group (ASX:AYG), has revised its earnings before interest, taxes, depreciation, and amortisation (EBITDA) figure for the 2010/11 financial year and is now projecting an increased loss of $1.9 million on revenue of $59.5 million.

The EBITDA figure is up about $940,000 on the market update provided for the half-year.

In a statement to the Australian Stock Exchange (ASX) the company said the results represented a shortfall of about $3 million (or 6 per cent) .

It also said some further downward revision may be made to the EBITDA based on further operational reviews.

"The reviews led to significant management changes and resultant restructure cost of $330,000; other abnormal costs relating deferred revenue and inventory carrying values of approximately $240,000 have been incurred."

in March, Annitel reported a dramatic 1215.5 per cent drop in profits after tax to a loss of $13.47 million for the half year ending December 31, 2010. But revenue over the same period rose 1221.6 per cent to $31.67m.

At the same time in 2010, Anittel’s net profit after tax was a $1.02m loss with total revenue of $2.4m in revenue.

Anittel’s earnings before interest, taxes, depreciation and amortisation (for the half-year) were a loss of $937,438, of which $500,000 was due to redundancies made in December 2010.

More to follow

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