By Nick Stride
Friday 7th February 2003 |
Text too small? |
GDC, a telecommunications services provider which listed in May 2000, said it expected to post a $4.5 million deficit.
It blamed the costs of closing "non-core" businesses and installing a new accounting system. Also to blame is the reversal of $866,000 of revenue booked in the first half. The money came from the sale of iVASP cash flows.
"Rather than forward selling portions of the iVASP revenue streams, the directors now intend that all contracted monthly inflows will be treated as normal revenue as and when received and will be recognised in the financial statements in the periods of receipt," the company said.
It also reported iVASP's business levels were growing steadily "and the reseller partnership with Telecom is expected to contribute very favourably to revenue growth this year."
GDC announced without explanation in December that its chief financial officer, Mike Price, had resigned. His position is being filled temporarily by consultant and former Fisher & Paykel CFO David Henry.
No comments yet
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER
Devon Funds Morning Note - 17 April 2024
Consultation opens on a digital currency for New Zealand
TWL - TradeWindow's $2.2 million capital raise now unconditional
April 17th Morning Report
NZ Energy sector remains top 10 amid global disruption
SCT - 2024 Half Year Announcement
Fletcher Building Executive Team announcement
Meridian Energy monthly operating report for March 2024