Commsoft improves full year loss

By NZPA

Tuesday 22nd October 2002

Information technology company CommSoft Group posted a net loss of $A6.4 million ($NZ7.4 million) for the year ended June, an improvement on the previous 15-month loss of $A21.8 million.

CommSoft managing director Mark Lunt said in a statement the company shut loss-making operations during the year and put a new management team in place

"While CommSoft still has its work cut out to reach profitability, management (is) confident of further improving on last year's performance," Mr Lunt said.

CommSoft raised $460,000 of additional working capital through the placement of ordinary shares and convertible notes .

In March CommSoft halved its interim loss to $3.80 million.

During the period CommSoft increased its sales to Britain, its largest market.

Commsoft develops niche software products for the telecommunications industry. Its products are marketed in the United Kingdom, Australia, South Africa, the United States and New Zealand.

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