Thursday 17th February 2011
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Just Water International (JWI) half year results show a return to positive consolidated earnings before interest and taxes (ebit).
The water cooler supplier, with operations in New Zealand and Australia, reported an ebit of $1.1 million recovering from a loss of $20,000 in the same time the previous year.
Its net profit after tax was $82,000 compared to a loss of $721,000.
However, JWI said the differences in accounting conventions and standards across the Tasman made it difficult for stakeholders to measure the performance of the company by profit alone.
Company directors were satisfied with the initial progress given its "poor performance" in the previous financial year.
The company reported revenue of $16 million compared to $17.9 million in the corresponding half-year.
Earnings before interest, tax, depreciation and amortisation (ebitda) were just over $3.8 million, an increase of 46%, up from $2.6 million.
Operating and investing cash inflow totalled $2.7 million in the six months to December 2010, compared to a $0.5 million outflow in the same period in the previous financial year.
JWI cut New Zealand borrowings by $1.5 million, before unrealised exchange losses, and reduced Australian borrowings by A$0.9 million (NZ$1.2 million).
The group's total bank debt is $24.3 million slightly down on $25.5 million at the end of June 2010.
As the directors were focused on reducing the company's debt, there would be no dividend paid out.
JWI said its current management team was performing well and taken control of a "difficult situation" and improved the company's performance.
"There is still a way to go, but with good people, the likelihood of the mistakes of the past are minimised."
The directors will conduct an internal review of the structure of the board and any changes will announced before the company's annual meeting.
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