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CORRECT: NZAX's Mykris reports strong earnings in 1st year

CORRECT: NZAX's Mykris reports strong earnings, dividends in first year of listing

By Pattrick Smellie

(replaces earlier story which used prior year financials, corrects dividend in first par)

Aug 1 (BusinessDesk) - NZAX-listed Malaysian internet services play Mykris has reported a solid lift in earnings and is paying 1.5 cents per share in dividends in its first year since seeking a listing on the New Zealand alternative market's board.

The company operates in Malaysia but reports in New Zealand dollars, turning over $8.9 million in the year to March 31, and turning in a net profit after tax benefits worth $212,783 of $1.29 million.

Earnings before interest, tax and depreciation, which excludes the significant depreciation charges the company faces, showed a surplus of $4.0 million, compared with a loss for in its first six months of trading, to June 30 2012, of $1.51 million.

In its first six months of existence, Mykris reported a loss after a $275,870 tax benefit, of $361,086. Listing fees of more than $500,000 were recognised in that first period.

Mykris is touting its ability to provide complete online systems, including billing and other system integration, for five star hotels, budget airlines, highway concessionaires, manufacturers, media groups, education providers, logistic and virtual office services in Malaysia.

It also believes its hospitality industry services would be competitive in New Zealand.

"Our products and services work well for large hotels and for companies with significant internet usage who wishes to manage that capacity," said executive chairman Chew Choo Soon in the 2013 annual report. "The clients are able to obtain significant advantage over technology available in the New Zealand market."

“We sought an NZAX listing in 2012 to gain exposure to new shareholders, believing that New Zealand investors have an improving appetite for high growth scalable companies with exposure to international markets,” said Chew.

The company's shareholders are still primarily Malaysian, with some 83.2 percent of Mykris shares held in Malaysia, another 12.3 percent in Singapore, and 4.4 percent in New Zealand, a slight increase on the previous year.

New Zealand businessman Brent King, managing director at Investment Research Group, is a director of Mykris.

(BusinessDesk)


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