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Mykris off to strong start, declares maiden dividend

Tuesday 18th December 2012

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MyKris Limited, the Malaysian Internet Service Provider which listed on NZAX in January of 2012, announced its result for the six months ended 30 September 2012 and declared its maiden dividend.

Mykris was a listing managed by IRG.

Managing Director of IRG, Mr. Brent King said "IRG has been focusing on the South East Asian markets and this is the first listing from this region. We expect more over the next few months. This will increase investor's choices of stocks available and will allow exposure to these strong markets whilst having the confidence of New Zealand Listing regulations"

For the 6 months to 30 September 2012 Mykris announced total revenue of $5,161,928 and a net profit after tax of $635,244.

Executive chairman, Mr. Chew said, "The figures are in line with the Directors expectations for this period and reflect the strong position that Mykris has been able to build in the South East Asian market."

According to the director's report, the major contribution to the encouraging performance was the announcement made on 08 June 2012 of two new contracts worth a total of $2.85 million. This performance shows strong cash flows and gives the market an understanding of the future prospects for Mykris.

As of 30 September 2012 the group continues to maintain a strong cash position of $1.34 million and has less than $145,000 of total borrowing.

Mykris's share price has also reflected the positive developments at the Company during the first half of 2012, as its share price increased 33.33% from 1 April 2012 to 30 September 2012.

"The Directors have agreed to pay an interim dividend on 1 February 2013 with a record date of 18 January 2013" said Mr. Chew. This unusually long period, is due to the need to allow overseas shareholders the time to arrange banking details for the receipt of the dividends.

"We would not expect this delay for future dividend payments as shareholders will have the details in place. Mykris has had approximately 150 new shareholders over the last 8 months." said Mr. Chew.

The report says, Mykris will continue to look for prudent growth and merger and acquisition opportunities for the business in order to drive value for our shareholders. Opportunities have been identified in New Zealand, Malaysia and South East Asia and these are being vigorously explored.

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