Cube pares back year loss to $651,000

The result compares with a loss of more than $4.6 million in the 2001 year, mainly caused by the sale of its unprofitable Corporate Interiors division. No dividend was declared.

Today's result was based on total operating revenue of $12.65 million, compared with $10.90 million a year earlier.

Cube recorded an earnings before interest, tax, depreciation and amortisation (ebitda) loss of $399,000, reflecting the purchase and development work carried out during the year to create Cube Financial Group (CFG) and Travel Tech Publishing (Travel Tech).

"These investments are expected to provide a solid increased contribution in 2003 through planned expansion in the New Zealand market and entry into Australia," the company said in a statement.

Cube's investment in Damba Furniture continued to perform well, despite difficult market conditions, contributing ebitda of $265,000 for the year.

In 2001 Damba represented 100 percent of the company's consolidated revenue. Last year that declined to 73 percent and is forecast to fall to 60 percent in 2003.

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