Newcall Aims For Debt-Free Company, NZ Focus
13 March 2002
Media Release from Newcall Group Limited
NEWCALL GROUP FINANCIAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2001
Newcall Aims For Debt-Free Company With Greater New Zealand Focus
AUCKLAND 13 March 2002: With the closure of its New Zealand telecommunications subsidiary and the sale of 53.3 per cent of its shares in its Singapore telco, Newcall Group Limited cut its operating deficit from $19m in 2000 to $3m in the year ending December 2001.
At the same time, the net revenue for the group increased to $18,281,000 (2000:$18,044,000) with $15,088,00 from the electricity retailing subsidiary Energy Online Limited.
The deficit from operations before amortisation, writedowns, the gain arising from a controlled entity becoming an associate, the sale of the customer base of Newcall Communications Limited and taxation totalled $3,060,000 including operating losses from Energy Online Limited ($645,000) and ISP subsidiary, Internet Prolink (NZ) Limited ($321,000).
It also included a $52,000 surplus from Newcall Technology Limited and $69,000 from Newcall Communications Limited, the costs of maintaining the public listing through Newcall Group Limited and the elimination of minority interests.
In addition to the operating deficit, the group reduced the carrying value of goodwill by $2,982,000. Consequent upon the operating deficit and the write-down in the goodwill, the net equity of the group was reduced further to ($4,267,000). As a result no dividend was declared for the year.
Newcall Group Chairman, David
Sun, said the next steps were being put in place to
eliminate all outstanding debt completely and to mould the
group into a tightly focused entity in strong