LibertyOne posts $7.1million loss

LibertyOne yesterday released its financial results, announcing a $7.1m loss for the six months to June 30 1999.

The loss was due to accelerated amortisation of technology assets and an abnormal payment related to executive departures, officials said.

Its revenues for the year ending 30 June 1999 totalled $18.4 million, with profits of $1.4 million before interest, tax, depreciation and amortisation.

"The content and commerce portfolio continues to grow, with partnerships and business relationships formed with Excite and uBid," said Warren Lee, chief executive officer, LibertyOne.

"Excite Australia was successfully launched in May this year, and uBid will be up and running later this year," he said.

"Similarly our own content and e commerce development is in full swing with the Greg Norman and Patrick Rafter sites already launched and content from the JB Fairfax library yet to come."

"Additionally, we have broadened our geographic footprint with the acquisition of New Zealand based web solutions business, ClearView Communications, and strategic stakes in leading Hong Kong businesses, Net Power, HT Hyper net and Chinese Books Cyberstore."

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