Abnormal losses drag down LibertyOne

Abnormal losses after tax totalled A$36.5 million, mainly attributable to the writing down of investments, licenses and intellectual property.

Operating revenue stood at A$14.6 million, an increase of 11% over the same period last year, with web integration business, ZIVO, contributing A$10.2 million or 70% of the total.

LibertyOne says it has used an A$13.9 million gain on the sale of its investment in Chinadotcom to fully repay the company's borrowings under equity-linked notes. The sale was completed after the June balance date and will be included in the second half result.

LIB's managing director, Marcelle Anderson, said the six-month results were in line with what the company indicated to the market early in September.

"As foreshadowed at the time, we have taken a conservative approach in our valuation of the company's operating and investment activities. Each of these activities has been written down to reflect much-changed market conditions."

Last week LibertyOne outlined a new strategic direction for the company.

"While concentrating on moving towards profitability with our core ZIVO and Monet Asia Pacific businesses, we will continue our programme of reducing costs and exiting all other investments and business activities," says Ms Anderson.

LibertyOne shares have been beaten down to around 12 cents.

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