eVentures' loss within budget

By Phil Boeyen, ShareChat Business News Editor

Tuesday 12th September 2000

Listed e-commerce brands company, eVentures, says a $2.61 million loss for the six months to the end of June is in line with budget, and included normal costs associated with the start-up of a company and its trading businesses.

eVentures, which listed following a $30 million IPO, says its objective is to be at the forefront of e-commerce and internet investment in New Zealand.

It has launched two companies so far - online home loan provider E-Loan New Zealand and MessageMedia, which provides advanced e-messaging solutions.

The company did not record any revenue in its results. Last week the company issued a press release saying its online loan business had received 250 applications, but it did not say how many applications had been completed.

eVentures CEO, Cindy Mitchener, says the company doesn't expect to report operating profits within the next two years, but does anticipate achieving considerable capital growth through investments in launched companies.

MessageMedia was launched in July. The company says while e-messaging is still in its infancy in New Zealand, the service allows businesses to create e-mail marketing campaigns, and it has already carried out mailings for four clients.

Progress has also been made with the New Zealand Venture Capital division of the business, with a number of business proposals having been submitted for review.

eVentures' cornerstone shareholder is eVentures Partnership, which is a partnership between Softbank and epartners, a venture capital fund in which the primary investor is News Corporation. Three of New Zealand's corporates - Telecom, The Warehouse and Todd Capital - also have a stake in the company.

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