Bluechiip posts $3.6m FY11 loss

Bluechiip (ASX:BCT) announced its FY11 loss grew 15 per cent, as it ramped up efforts to commercialise its wireless tracking technology

Tracking chip technology company Bluechiip (ASX:BCT) has reported a net loss of $3.6 million during its first new financial report filed as a public company.

Bluechiip, which listed on the ASX in June, is in the process of commercialising a chip that is capable of standing up to extreme temperatures, and promises to be more suitable than RFID in these conditions.

The company attributed the 14 per cent increase in its net loss chiefly to higher staffing costs, R&D expenses and patent costs as it ramps up development efforts.

Bluechiip is yet to earn revenue from ordinary activities, but other revenue grew to $725,000 from $261,000 due to higher interest income and R&D tax concession benefits.

In its financial report, Bluechiip said its operating expenses were in line with the increased activity made possible by funds procured from its IPO.

Bluechiip plans to secure the funds needed to continue as a going concern from possible sources including future capital raisings, revenue from sales or co-development funding from partnerships.

BCT commenced trading in June at over $0.220, but quickly declined below $0.200. As of market close Wednesday, the shares were trading at $0.150.

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