By Phil Boeyen, ShareChat Business News Editor
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Thursday 13th September 2001 |
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The company has posted a loss of $1.43 million for the half-year to the end of June, with sales of just $278,00 and interest income at $1.58 million.
Operating expenses of $3.79 million include an $800,000 write-down of the E-Loan software license to $200,000. This license is now for sale.
Other expenses were $1.26 million spent on restructuring, which the directors say has been completed successfully.
"The company's major asset, being cash of $28.914 million, has been protected and new opportunities are now being investigated to increase shareholder value.
During the first six months of the year the company downsized, its CEO left, head office was relocated and it negotiated to sell its operating companies.
This included the sale of 80% of MessageMedia to New Zealand Post for $4 million - $2 million above book value. NZ Post already held a 20% stake.
EVZ's major shareholder is Auckland entrepreneur and Sky TV founder, Craig Heatley.
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