Intrapower posts revenue drop
- 23 September, 2010 12:58
Communications and technology company, Intrapower Limited (ASX: IPX), has posted a slight revenue drop from $29.4 million last year to $25.1 million for the financial year ended June 30, as a result of less interest revenue.
According to an ASX statement, the company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 7.1 per cent to $1.45 million from the previous $1.36 million.
Net profit after tax increased to $281,000 from a $3.96 million loss in 2009 when its result was affected by an impairment charge of $4.56 million. Operating efficiencies also drove costs down from 9.31 million to $7.85 million.
Cash flow also increased from $1.39 million last year to $2.26 million.
In a company statement to the ASX, Intrapower said that, due to consolidation in the voice and data industry, it had changed direction to focus on its cloud computing platform, Business On Demand, and opportunities in the small to medium business sector.
The company recently signed a [[artnid: 350464|five year $16 million deal with Wilson HTM Investment Group| Wilson HTM to float on the cloud |new]]. Intrapower migrated the company’s IT infrastructure to Business On Demand.
“Business On Demand has increased year on year, growing from 12 per cent of revenues in 2009 to 19 per cent of revenues. We expect this number will increase to approximately 35 per cent for the 2011 financial year,” said the statement.